As we have all heard or experienced first hand, the housing market has seen a tremendous comeback over the last 36 months. House prices have soared, bringing home values up to a point where many homeowners are in a positive equity position. This is a great opportunity for you as a homeowner to use that equity. Here are a few ways equity growth can benefit you:
-Sell existing home
Use equity to purchase a newer, larger home, with a bigger down payment or relocate to a different area
-Use equity to purchase a 2nd Home or Investment Property
-Pull equity out to remodel existing home, make upgrades or add a pool
-Refinance existing mortgage to get rid of PMI
-Refinance to payoff and/or consolidate debt
Whatever the case may be, recent equity growth can be used to benefit ones financial position. With interest rates still at historic lows, this a perfect time to explore different financing options.