Unlocking Your Home Equity to Make Your Next Move
Many homeowners today feel stuck due to higher mortgage rates compared to their current ones. If you’re in this situation, you might be hesitant to sell and move. But what if you could offset those higher borrowing costs? The solution might already be in your home—in the form of equity.
What Is Equity?
Equity is the difference between your home’s current value and the remaining balance on your mortgage. As you pay down your mortgage and as home prices increase, your equity grows. Recent home price appreciation means you likely have more equity than you realize.
How Your Equity Can Fuel Your Move
Using your home equity can help you move without being overly concerned about today’s mortgage rates. Here are a few ways to leverage your equity:
- Be an All-Cash Buyer: If you have significant equity, you might be able to buy your next home outright without needing a loan, eliminating concerns about mortgage rates.
- Make a Larger Down Payment: Using your equity for a substantial down payment reduces the amount you need to borrow, easing the impact of current rates.
Determine Your Home Equity
To find out how much equity you have, you need to know two things:
- Your current mortgage balance (available on your monthly mortgage statement).
- Your home’s current market value.
Instead of paying for an appraisal, you can contact Brenner | Hill for a Professional Equity Assessment Report (PEAR) at no charge. This report will give you a clear picture of your equity.
Bottom Line
Unlocking your home equity could be the key to making your next move possible. If you want to learn more about how much equity you have and how it can benefit your next purchase, let’s connect. Brenner | Hill is here to help you every step of the way.