What is Home Equity and the ways you can leverage it? 

Home equity is the difference between how much your home is worth and what you owe on your mortgage.

Have your eye on that beautiful new kitchen? Kids going off to University? Unexpected Costs?

Consider talking to one of our Member Relationship Managers to discuss the possibility of a Home Equity loan. Home equity loans can be used to fund a variety of needs – home improvements, debt consolidation, investing in education, emergency funds or invest in real estate. Our staff will ask you questions about what you are looking to use your home equity for. They’ll want to gain a good understanding of what your overall goals are to come up with creative solutions.  Staff will go through your asset and liabilities. They will also review your current home’s assessment and chat with you about the possibility of needing an appraisal to accommodate the loan request.

While using the equity in your home can be a quick and easy way to access cash, it needs to be leveraged responsibly.  It is recommended to not use your home equity for depreciating assets or extravagant vacations. Keep in mind what it took to build your home equity.