Real Estate Blog

For homeowners across the globe, home equity lines of credit (HELOCs) have become a handy way of tapping into the value of their homes. However, when borrowing money against your home, it is always a good idea to be a little cautious about what you spend it on. As such, it usually isn't a good idea to use a HELOC to pay for a vacation or buy a new TV. So then, what should homeowners use HELOCs for?


1) Home Improvements
Using a HELOC to make improvements to your home can be a great way to increase the property's value. Whether you want to install a pool, renovate the kitchen, or add a bathroom, tapping into your home's equity is an easy and efficient way to finance the project. In some cases, you might even find that you have more equity in your home after the project has been completed than you did before you used your HELOC.

2) Emergency Fund
Ideally, it is a good idea to have about six months’ worth of expenses tucked away. If you are in a crunch, your home’s equity can serve...

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Mortgage rates are at a historic low. If you're thinking about refinancing your mortgage, you could possibly save significant amounts of money over the years. Especially in the first years of owning your home, a large percentage of your monthly mortgage payment actually goes toward paying interest rather than the principal.


Refinancing your mortgage is usually done for one of the following reasons:

- To lower your interest rate


This is one of the most common reasons. If you first obtained your mortgage when interest rates were higher, refinancing enable you to save money each month. You may also qualify for a lower interest rate if your credit rating has improved since you first qualified for your home loan.

- To change the length of your mortgage


When you refinance your mortgage, you're really obtaining a new one. You can choose to lengthen or shorten your term - whichever you'd prefer. Generally, shorter mortgage terms have lower interest rates.

- To obtain a different type of mortgage...

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