Home equity is the difference between what you owe on your mortgage and what your home is worth now. Interested to know exactly what that amount is?
You can figure out how much equity you have in your home by subtracting the amount of money you owe on your mortgages from the current value of your home. If you aren’t sure of the value, you can get a ballpark idea by checking the prices of similar sized homes that have recently sold in your neighborhood. If you want a more precise estimate, you can order a home appraisal.
You can tap into that equity and borrow money from the value of your home in order to make big home improvements or pay off debt.
Home equity term loans allow homeowners to borrow a predetermined amount of money at a fixed interest rate. This is ideal if you know exactly how much money you need to borrow. You’ll lock in an interest rate for a set period of time and then pay the same amount each month.
Check out Horizon’s home equity term loans. We offer flexible options that leverage that equity so you can dream bigger about long-awaited home renovations or financing major purchases.
Ready to get started? Click here to apply online. Or if you prefer to talk with expert financial Advisors, contact us today at 888-873-2640.