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What Is The Best Way To Tap Into Your Home Equity?
Looking to tap into your equity? There are several options and a few
things to consider when deciding which is right for you.
If the interest rate on your mortgage is higher than current rates,
it may make better sense to refinance and
take a lump sum of cash from your equity. You'll simply refinance your
mortgage to a larger loan amount and take the difference in cash.
A home equity loan is essentially a second loan that
you take out in addition to your first mortgage. Commonly referred to
as a "second mortgage," a home equity loan allows you to tap into your
equity to get cash without refinancing your first mortgage and usually
in a lot less time. A home equity loan is a good choice if you'd like
your cash in a lump sum and have a great rate on your first mortgage.
A home
equity line of credit , on the other hand, is very similar
to a credit card except that it uses the equity in your home as the
revolving line of credit. You pay only if and when you use the money.
But, unlike credit cards, the interest is usually tax deductible.*
You can get a lump sum at closing or only part of your money and
draw on the rest when you need it. Unlike a home equity loan or a
refinance, you can get a home equity line of credit in as little
as ten days. A equity line is a good choice if you'd like ready access
to your equity.
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