Is now the time to tap your home’s equity?

Home equity is on the rise nationwide. Is it time to unlock yours?

Home equity is basically the difference between your home’s market value and the total amount you owe on your mortgage. There are two basic ways to tap your home equity— through a home equity loan (also called a second mortgage) or a home equity line of credit. A loan can provide money in one lump sum, as opposed to a line of credit, which provides access to money as you need it.With the line of credit, you’ll pay interest only on the money you use, not the entire available line.

One of the most popular uses for home equity borrowing is to fund home improvements, although the proceeds from a home equity loan or line of credit typically can be used for a wide variety of things. Home equity loans and lines of credit can be a lower-rate alternative to borrowing money and are potentially tax deductible to homeowners who itemize (it’s always a good idea to check with your tax advisor about your specific situation).

Is now the time to tap your home equity? Stop in and find out more about home equity loans and lines of credit. Click here to get started.