Your home is likely to be your biggest asset and investment. why not put it to good use with a cash-out equity loan from 123Loans?
Equity is simply the difference between what your property is worth and what you owe.
For example, if you have $100,000 mortgage on a home worth $300,000, you have $200,000 worth of equity.
You may be able to borrow against this amount to renovate, invest in shares or managed funds, buy another property or just get some extra cash.
An equity home loan gives you a line of credit on your mortgage up to an approved amount. The loan can be taken in full or in stages, making it particularly useful for renovating or investing. You will only pay interest on the amount you have used.
- Start your renovations or buy an investment property sooner
- Get money out of your home and use it for anything you want.
- Make repairs or home improvements and increase the value of your home.
- Pay for college tuition, pay off high-interest credit card debt, or buy a vacation home. You can even use it as an alternate source of income.
How much you can borrow depends on your existing borrowings, income and assets are taken into account.
Please Note: all debt needs to be carefully managed to minimize risks.
