Cashing in on home equity is very popular these days. So how are homeowners putting that equity to work? Investing is a popular and practical application.
Home improvement is probably the most popular use of funds. In addition to the lifestyle upgrade, an investment can often raise the property's value. In time, the added equity can exceed the amount you borrow.
Rather than investing in property, some people invest in themselves or their offspring by applying funds towards college tuition. Student debt in the form of federally-held loans can be strangling for years to come. Equity loans can offer more flexibility and better terms.
Some homeowners are using equity loans to put a down payment on a second property, whether for vacation use or rental. The right investment can pay dividends in the future, and in some cases, create cash flow in the near term.
Business owners may use equity borrowing to invest in businesses. The terms and tax advantages in equity borrowing can be much more attractive than an unsecured loan or business line of credit.
Equity borrowing provides homeowners the means to invest in the future, usually with favorable terms compared to other credit products. It is a quick means of bringing cash to the table for a variety of uses.
Need help? Call us now at 877.335.9048 and we can build a step-by-step plan to get you qualified with minimal fuss. As a BSI Financial client, you'll be offered every possible convenience.Apply Online
BSI does not discriminate against any person because of race, color, religion, national origin, sex, familial status, disability, or any other specific classes protected by applicable laws. The loans originated by BSI are only those in states where BSI is licensed. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Home Equity and credit products are offered through Spring EQ. Cash Out Conventional mortgages are offered through Servis One, Inc dba BSI Financial Services.
Servis One, Inc dba BSI Financial Services and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
Home Equity Line of Credit: Repayment options may vary based on credit qualifications. Choosing an interest only payment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Credit line may be reduced or additional extensions of credit limited if certain circumstances occur. Property insurance is required. Other restrictions may apply. An annual fee of up to $99 may be required after the first year as well as a credit union membership.
Home-Equity Loan: As of March 23, 2023, the fixed estimated Annual Percentage Rate (APR) of 9.704%, is available for a 10 year second position home equity installment loans $60,000 -$99,999 with a loan-to-value (LTV) of 60% or less and a credit score of 780 or higher. Rates may vary based on LTV, credit scores or other loan amounts. Loan payment example: on a $60,000 loan for 120 months at 9.375% interest rate, monthly payments would be $772.28. Payment example does not include amount for taxes and insurance premiums. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.