Put Your Home Equity To Work (And Avoid These Mistakes)
Do you want to put your home equity to work, but worry a mistake could cost you? You’ve come to the right place.
Americans are sitting on a record amount of home equity today. As mortgage rates continue to rise—now around 7% on a 30yr fixed conventional loan at the time of this writing—increasingly more sellers are staying put. Rather than selling to buy again at a higher mortgage rate, they are remaining in their current homes, continuing to pay down their existing mortgages, and building more home equity.
Is it crazy to think you might be in this very situation? If you are a homeowner, how can you responsibly tap into your home equity and improve your quality of life? If you do, what are the common mistakes you should avoid? What is home equity anyways? We’ll cover all this and more, but first let’s start with the basics.
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