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While home prices are high, you may have more equity in your home than you think. And using the equity in your home can be a powerful financial tool if used correctly. Let’s look at two common ways to tap into the equity in your home:
In both instances mentioned above, you can use the equity in your home to finance other expenses. Here are some ways to put your equity to good use:
It’s essential to look at your home’s equity as a way to invest in your future — not as a petty cash fund for things you want now (but really can’t afford). Typically, if you use a HELOC or cash-out refinance loan, you’ll get a lower rate than using other loans because you’re putting your home up as collateral. And because your home is the collateral for the loan, it may be at risk should something go wrong with your loan. But when you use your home’s equity in a way that gives you a positive return for your future, you’ll maximize your investment and potentially save money as well.
Want to learn more? Give us a call at 877.759.7939.
*Consult your tax advisor.
Pinnacle Bank's terms, privacy and security policies do not apply to the site you're about to enter. Please review its terms, privacy and security policies to see how they apply to you. Pinnacle Bank isn't responsible for or endorse any information provided by the website you are about to enter.Continue
We will reopen on Thursday, December 26th with regular banking hours.
Tuesday, December 24th from 9 a.m. – 1 p.m.
Tuesday, December 24th from 7 a.m. – 1 p.m.