Converting Equity to Cash
Converting Your Home's Equity into Cash
A home will most likely be your largest investment. In today's market, can you convert your home's equity into cash?
How to Calculate Your Home's Equity
As a homeowner, it is important to understand how to calculate your home's equity.
- How much will your home appraise for?
- You can use sites like Zillow for a quick estimate
- How much do you owe on your 1st Mortgage?
Appraisal Value - Mortgage Balance = Home Equity
What Can You Use a Home Equity Loan for?
While you can use a Home Equity Loan for whatever you'd like, most people use it for:
- Home Improvements
- Debt Consolidation
- College Tuition
Home Equity Loan Options
There are two types of Home Equity Loans offered at Rogue Credit Union.
- Home Equity Line of Credit
- Single Advance Home Equity Loan
A Home Equity Line of Credit or HELOC, is similar to a credit card, where a borrower has an available line of credit that they can withdraw funds from. These loans typically have a variable interest rate.
With a Single Advance Home Equity Loan, homeowners get a lump sum of funds to use. These loans typically have a fixed interest rate.
Rogue Credit Union offers Home Equity Loans at up to 95% of your home's appraised value.