Using Your Home Equity for Other Goals Rochester MI

Your home equity is the current value of your home less what you still owe on it. For example, if your home is valued at $250,000 and your outstanding mortgage is $120,000, your equity is $130,000. The equity you have built in your home can be a valuable source of financing. You can borrow against it to pay for your child's tuition, purchase an investment portfolio, pay for large-scale home renovations, or buy an income property. In some instances, the interest may even ...

Local Companies

Able Mortgage Group
313-340-1090
18984 Livernois Ave
Detroit, MI
Bretlin Home Mortgage
313-864-0963
7631 W Mcnichols RD
Detroit, MI
Best Mortgage Services LLC
313-538-2206
17500 W Mcnichols RD
Detroit, MI
Heritage Home Loans
248-478-5070
38345 W. Ten Mile
Farmington Hills, MI
King Financial Inc
(248) 652-2522
602 W University Dr
Rochester, MI
Ega and Associates Mortgage Co
(248) 601-0450
134 W University Dr
Rochester, MI
T R Harrell and Assoc Inc
(248) 608-2620
155 Romeo Rd
Rochester, MI
Rock Financial Corp
(248) 650-5600
Rochester, MI
Harvard Financial Group Inc
(586) 254-8434
60900 Eyster Rd
Rochester, MI
Source One Mortgage Corporation
(248) 601-3908
130 E University Dr
Rochester, MI

Your home equity is the current value of your home less what you still owe on it. For example, if your home is valued at $250,000 and your outstanding mortgage is $120,000, your equity is $130,000.

The equity you have built in your home can be a valuable source of financing. You can borrow against it to pay for your child’s tuition, purchase an investment portfolio, pay for large-scale home renovations, or buy an income property. In some instances, the interest may even be tax-deductible.

Your tax advisor and mortgage specialist can help you decide whether it makes financial sense to tap into your home’s equity.

This article was provided by ScotiaBank. Let us help you get the upper hand on your home financing. Visit scotiabank.com/upperhand for great tips, calculators and more. Want to get more information on your home-related financing goals by email? Sign up here.

Read article at HomeRenovationGuide.com

Featured Local Company

Able Mortgage Group

313-340-1090
18984 Livernois Ave
Detroit, MI


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