Posted in Articles on Monday, April 10, 2017
Why should you be using the equity in your home?
The equity in your home can be used for more than investing back into your residence. It can be used for investing in your education, a new car, or any other large purchase. But why is using your home equity better than financing for each of these investments individually? To answer that, we should know what home equity is.
What is home equity?"Home equity" refers to the equity you're carrying in your mortgage. It is the difference between what your home is worth and how much you owe.
How do I use it?You can choose from a few options of home equity loans with a variety of terms and rates to fit what you need. You will apply for the loan option that is right for you. The process is much simplier and quicker than applying for a mortgage.
What can I use it for?You can use the equity in your home for almost anything, from paying your tuition expenses to buying a new car, or building an addition onto your house.
When you invest back into your home, you're making changes that raise the value of that home. When your home is worth more, the amount of equity you have increases also.
Using your home equity is a smart way to pay for large expenses. The rates are lower than the average car loan rates, student loan rates, and credit card rates.
What could you be using your home equity for? Apply online, or schedule an appointment to learn more.
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As a credit union, we’re organized differently than other financials. Veridian is a not-for-profit financial cooperative owned by our members. That means all net earnings are returned to members in the form of lower loan rates, higher savings rates, and low-to-no fees. Veridian is also governed by a volunteer board of directors who are elected by our members. Each member has one vote in the election for our board regardless of how much money that individual has on deposit.
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