Do You Have Equity in your Washington DC Home? How Can I Spend the Money?
Sometimes, life presents you with situations and opportunities that you have prepared for. Other situations are completely unexpected. The equity in your home may be able to help you finance major expenses such as:
- Major purchases such as college tuition or unexpected expense (fixing or replacing a car)
- Home maintenance and repair
- Home renovations and remodeling
Remember that you should carefully evaluate the decision to borrow on your home’s equity. Many of the people who contact Swing Real Estate are in the unfortunate situation of having multiple loans on their property and find themselves drowning in the debt.
While using the equity in your home can be the right decision depending on your situation, it is important to have a repayment plan in place and know that the interest charges can result in a larger expense than the amount originally borrowed.