It's National Homeownership Month in June and here's Reason #6 why you should own your own home:
IT GIVES YOU SOMETHING TO BORROW AGAINST, IF NEEDED
The equity you build in owning your own home can provide financial resources for important or significant expenses when you might not have the needed cash on hand. Such expenses could include a child's college education, medical costs, necessary addition to your home, etc. While it's never a great idea to borrow against your home's equity for frivolous items, when it is necessary to do so, it's an avenue of funding via a home equity loan that can also provide the following benefits:
- Proceeds from a home equity loan are not considered income and are not taxable.
- Home equity loans may provide you with some tax breaks for the interest you pay.
The amount you can borrow with a home equity loan is limited only by the amount of equity you have in your home (as well as by your debt-to-income ratios and credit scores, of course).
- In the current interest rate environment, the interest rate you pay on a home equity loan may be quite low and lower than other forms of borrowing.
If you are considering purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
Related Articles On National Homeownership Month:
Reason #1 To Own Your Own Home
- Reason #2 To Own Your Own Home
Reason #3 to Own Your Own Home
- Reason #4 to Own Your Own Home
- Reason #5 to Own Your Own Home