If you purchased a home several years ago, chances are you’ve built up a significant amount of equity. You may want to put that equity to work, but the thought of giving up your mortgage rate in the 2% or 3% range can make refinancing a tough decision.
The good news? You may not have to give up that low rate to access your equity!
A second mortgage, such as a Home Equity Loan or Home Equity Line of Credit (HELOC), may allow you to tap into your equity while keeping your original mortgage and its low interest rate intact.
Even if your equity is tied up in an investment property or you are self-employed and have difficulty documenting income, you may still have options.
While second mortgage rates may be higher than today's first mortgage rates, financing only the amount you need could save you significantly compared to refinancing your entire mortgage.
Whether you want to pay off high-interest debt, remodel your home, fund college expenses, or simply improve your cash flow, your home equity may offer more flexibility than you think.
Before giving up that great mortgage rate, let's explore your options!
Jay Atterstrom
📧 [email protected]
📞 (214) 377-0033