Using Home Equity An informed mortgage officer can help you choose and manage your real estate asset very effectively at the time of your original purchase, as well as over the life of your loan. Home equity products are different from mortgages because the money can be used for other purposes than purchasing a home. The most common uses of Home Equity Loans/Lines are debt consolidation, educational/tuition needs, home improvements, vehicle purchases and emergency funds access.
Over the years, you will accrue equity in your home two
ways:
- by paying down the mortgage with
monthly payments and
- by real estate values increasing.
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