Having a home to call your own comes with many perks. It can also be a source of funds when the value of your home increases and exceeds the outstanding mortgage. Using the equity in your home can often be a money saving option compared with higher-rate loans or credit cards. This module can help you make an informed choice. It covers: What is home equity? Second mortgages Refinancing Reverse mortgages Factors to consider Begin the Course Tap into the money you’ve already invested in your home to cover life’s expenses. Learn more about VACU home equity options
Refinancing Checklist Here’s a list of information you may be asked to provide when you submit your refinance application.
Should I refinance? When you refinance at a lower interest rate, you usually pay refinancing costs including points, fees, and closing costs. This calculator will tell you if the amount you save in interest will exceed these refinancing costs.
Three Options to Use the Equity In Your Home Over time, most homes increase in value, and many homeowners use their gains for a whole host of purposes. Using your home’s equity can be a low cost source of funds.