The Many Ways to Access Cash
In this era, there are so many ways to access the cash that you accrued from the value of your home, less the amount you owe on your mortgage (also known as “equity”). People every day access this money to fund home improvement projects, large expenditures (like boats, cars, or second homes), or just merely set up access to a home equity line of credit for the sake of safety. Besides the traditional methods of accessing the cash (a cash out refinance or a home equity loan or line of credit), people can also access cash through home equity investment instruments. These home equity investments are quite novel and make sense for people who find their features more beneficial than other options.
If you are older in age, you also have another option that others don’t--which is a reverse mortgage. This is a way to access the cash built up in your home to use for everyday living expenses or to supplement your income in your golden years. By filling out our quote engine, we will match you with a number of options that may fit you best given your credit situation, need and age.
Benefits, Benefits and More Benefits
Besides having access to the cash you need, there are several other benefits to how you access the cash from your home. If you choose a cash out refinance you may also gain benefits by reducing your overall mortgage interest rate, which could save you thousands of dollars in interest. If you are consolidating debt, you are likely reducing your interest owed significantly, and in addition swapping a non-tax deductible expense for a potentially tax deductible one (consult your tax advisor). Or if you go the way of a home equity line of credit, you are creating sizeable access to money in the case you ever need it for a big opportunity or a massive cash infusion if ever needed.
Picking a Home Equity Option
Since there are so many options to access the equity from your home, we have made our matching algorithm catered to help you speak with different options that are best suited for individuals in your situation. In our question asking process, we collect data about your demographics, credit history, house value, current interest rate, and mortgage balance so we can present all the options that you may want to consider. Then you begin the interview process of the lenders.
In this process, it is your time to ask detailed questions. Understand how easy it is to access the cash once approved, how long you have access to it, and what interest rate (if any) will it cost to use it. Other things to consider are annual fees, or other assorted caveats that you will want to be aware of before proceeding with a lender or investment company.
Overall, there has never been a better time for people to access the equity built up in their home, and through Lending Studios matching system, you will be pleased to find lenders will be very competitive to offer not only great programs but competitive interest rates.
Get started today.
Plan Ahead
Some home equity options take as little as 3 weeks to close, whereas others can take a couple of months. Before you find yourself in a situation where the cash need is dire, plan ahead by having a company or two lined up as your best options well in advance of needing the cash--or just build the time ahead as to when you will need the money so you have ample time to apply, get approved, and get funded.
Shop Around & Take Notes
At Lending Studios, we believe the best experience comes from customers who shop around, and for those that take diligent notes, ask the right questions, and are forthright with their situation so you can rely on the information received by different financial institutions.
Step 1 to get started with your shopping experience is to understand information about the home:
