Owning a home is quite simply making an investment in your future. It will give you and your family a sense of stability, pride and security. Along with that comes the ability to paint walls, change fixtures and make decisions about your home without a landlord’s prior approval.
Real estate moves in cycles, sometimes up, sometimes down, yet over time, real estate consistently appreciates. Many people view their home investment as their biggest investment.
With each payment, your principal loan balance decreases, thus building your equity. You can borrow against your home’s equity to obtain a home equity loan. Home equity loan interest is generally much lower than credit card interest and it is deductible. For many home owners, it makes sense to obtain a home equity loan for items such as home improvement, college, medical bills or starting a new business. *always check local laws with your lender