All you need to know about home equity
If you’re a homeowner, your house is one of your greatest assets. And, if you have equity in your home, you can leverage those funds to further your financial plans. Before you take out a home equity loan, ask yourself these five things:
- Do I want to stay in my home for seven years or more?
- Do I need cash right away, or do I want a revolving line of credit? (If your answer “yes” to the second question, a home equity line of credit may be for you).
- Do I want a fixed payment with a payoff date?
- What will I use the money for?
- Can I continue to make my other monthly payments on top of a new loan payment?
When you take out a home equity loan, you’ll receive a lump sum of funds to use right away, with a structured pay-back plan.Benefits of using a home equity loan include:
- Stable monthly payments over the term of your loan.
- Access to cash immediately, with a specific payoff end date.
- Ability to consolidate other high interest debt into a more manageable payment.
Ready to get started? Tap the existing equity in your home to fund your project or reach your next financial goal with a home equity loan from Thrivent Credit Union and apply now.
All loans are subject to credit application, qualification and approval.