No Savings Account? What About Your Home? - Fox29 WFLX TV, West Palm Beach, FL-news & weather

No Savings Account? What About Your Home?

If you need cash to use around the house, but don’t have a very big savings account, don’t turn to credit cards, when you may be sitting on top of lots of cash…literally!  The $2,500 you want to remodel your kitchen or build a deck may be sitting right underneath you!  In South Florida, real estate values have risen so dramatically, almost everyone who has lived in their home for more than 2 years has built up equity in their home.  That equity may be better to borrow from than your credit card company for two reasons.

1. You’ll probably get a lower rate and better terms than charging it on a credit card.

2. You get to write off the interest on your taxes.

A Home Equity Line of Credit, or Home Equity Loan, may even help you get out of debt altogether, by consolidating higher interest debts like school loans, cars and credit cards.

If you have questions about how this could help you, call Jason Biro at Team One Lending:  (561) 868-1808 ext.3

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