How To Tap Into Your Home’s Equity

For many Americans, their house is their most valuable asset. Regular mortgage payments can build equity, which can help homeowners in various ways, including refinancing for home improvements or borrowing against the home to help pay for college or consolidate debt.

A credit score of 620 or higher, a track record of paying off debt and a documented ability to repay the loan. By spreading payments over the term of a mortgage , clients are able to both lower their monthly payments and make progress paying down the debt, Semaan says. “It does stretch the payments over a longer period, but when people are making minimum payments [on a credit card], they’re making little to no traction in paying off the balance.”

Refinancing involves upfront costs like paying for an appraisal, title fees and a quarter of property taxes. These expenses can be rolled into the loan and you’ll get a refund on the unused portion of your existing insurance and escrow account, but there will be a lag.

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