Smart Ways To Use Your Home Equity For Remodeling
Key takeaways
- Rising home prices, low inventory and high mortgage rates have homeowners choosing to renovate their homes instead of moving.
- Two popular options for tapping into home equity for renovations include a home equity loan or a home equity line of credit (HELOC), each of which has its pros and cons.
- Before using a home equity loan or HELOC for remodeling, consider if the project will add value to your home and develop a budget/schedule for paying the funds back.
Fewer homes are available for sale. Prices are climbing. Mortgage rates are