4 Ways to Use Your Home’s Equity
If you’re a homeowner, the equity you’ve built up in your home can be a valuable financial asset. A home equity loan is one option that allows you to borrow against your home’s equity and receive a lump sum payment. This may be a good option if you are looking to do something that requires a large sum of cash up front.
There are several reasons you may want to opt for a home equity loan.
- Financing home improvements – You can use your equity to reinvest into your home. Make improvements that add value, such as replacing garage and exterior doors, siding, adding or upgrading a deck/outdoor space, and making minor renovations to kitchen and bathrooms.
- Paying for education – When it’s time to pay for college or further education, many people use their home’s equity to help ease the financial burden of the cost of higher education.
- Purchasing real estate – Whether you’re looking to purchase a vacation home or a rental property, the equity in your current home can help.
- Paying down debt – Many people use the equity in their home to pay down existing debt, whether it is from credit cards or unexpected medical expenses.
If you’re looking to unlock the equity in your home, check out Pennian Bank’s home equity loan options. Click here to learn more about our home equity loan and other financing options.
*Loans are subject to credit approval. Terms and conditions may apply. Call or visit one of our offices to talk to a Pennian Bank representative about loan options.
