Use a Home Equity Loan to Turn Over a New Leaf This Spring!
There’s something about spring that just begs for fresh starts. Whether it’s a new business, a remodeled kitchen, or a chance to wipe the slate clean on debt, there’s no time like springtime to turn over a new leaf.
How Your Home Equity Can Help You Start Fresh
In money terms, your home equity equals the amount your home is worth today, less the amount that’s still left on your mortgage. And it’s an especially valuable source of funding for two reasons:
- Your home equity tends to increase as the value of your property goes up or your mortgage goes down.
- You can use it as collateral to borrow more money at better interest rates than you’d get with most unsecured loans.
If you’re ready for a fresh start, here are just a few of the ways a home equity loan (or second mortgage loan) can help you turn over a new leaf this spring.
Consolidate Your Debt
Consolidating multiple high-interest credit card payments, consumer debt loans, or overdraft balances into a single (usually lower) monthly payment not only simplifies your finances, it can freshen up and improve your credit rating. Just use your home equity loan to pay out any higher interest outstanding debts.
Start or Expand a Business
Your home equity can help you cover the start-up costs for a new business, or provide capital for an existing company – whether it’s time to hire more staff, expand your marketing reach, or launch a new product or service.
Fix Up Your Property
Want to upgrade your existing property or repair and renovate a new one? You can use a home equity loan to increase the space and liveability of your home while raising your property’s value.
Continue Your Education
Life-long learners enjoy a host of positive benefits, including:
- greater self-confidence,
- improved hire-ability, and
- better mental and physical health
Why not use your home equity to cover tuition and education costs for yourself or a family member?
Take a Vacation
Going on vacation not only reduces stress and recharges your stamina, stepping outside your daily routine can lend a fresh perspective to personal and professional goals. Consider using a home equity loan to make that dream vacation happen this year.
Invest for the Future
We don’t always know when opportunity’s going to come knocking. But knowing you can tap into your home equity when you need to gives you the flexibility to make quick decisions and the ability to capitalize on those fleeting investments.
Remember: you have to be approved financially before you can borrow from your home equity. And getting that approval from the banks means passing a “mortgage stress test”.
If you’re self-employed, living on a retirement pension, or your credit is in disrepair, a bank-approved mortgage loan may be difficult to come by.
But not to worry.
At Alpine Credits, our primary concern isn’t your income, your age, or your credit history – it’s the equity you hold in your home. If you’ve been turned away by the banks, we’ll help you access the money you need to turn over that new leaf this spring.