In this episode we continue our 3-part series answering client questions with our second inquiry. Today’s question is, " How do I access the equity in my home and use it to meet some of my pressing goals without damaging my personal finances or putting my home at risk”?
Your home is an investment, and the equity in it can serve as a powerful financial tool if leveraged properly. It is important to approach home equity strategies with caution, prayer, and a clear understanding of the potential impact on your financial well-being.
Reasons to access equity may involve consolidating high-interest debt, making vital home improvements, or investing in other appreciable assets. Prudent use of home equity, combined with proper financial planning, can significantly enhance your financial stability and your access to meet your pressing goals.
Episodes Highlights:
02:21 - Understanding Home Equity
07:38 - Home Equity Loan vs. HELOC
14:26 - Considerations for Using Home Equity
17:49 - Win-Win Strategy: Cash Out Refinancing
18:41 - Refinancing for a Lower Interest Rate
20:18 - The Benefits of Refinancing
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Connect with Weslia Echols, AFC® and Willa Williams, AFC®
Facebook and Instagram: @wealthwisdomtogether
Trinity Financial Coaching: https://www.mytfcoach.com/
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