6 Ways to Use Home Equity

Financial well-being May 9, 2023 By First United Bank

You can turn equity in your home into cash. Cash that you can use for virtually anything.

  1. Home Improvements - Tip: Before making home improvements, research which upgrades will likely improve resale value.

  2. Consolidate Debt - Use the equity in your home to pay off high-interest debt. Lower interest rates will save you money. Wait. Before you use equity to pay off high-interest debt, address spending habits that cause the debt in the first place.

  3. Unexpected Expenses - Tap home equity as an emergency fund. You will need a line of home equity line of credit before you need the emergency funds.

  4. Education Expenses - Supplemental savings and student loans.

  5. Wedding Expenses - Home equity can be a lower-cost alternative than using a credit card.

  6. Investment Properties - Buying an investment or rental property can help build wealth.

Your home equity is a powerful tool.

By First United Bank