Tread carefully
Many homeowners now have a goodly amount of equity in their homes. Is it a good idea to tap that equity? It kind of depends but there are a number of factors to consider and be wary of. I posted about this previously in some detail here which I encourage you to read and this article addresses some of them. As rates rise the cost of doing so via a re-fi increases and one should be very careful not to use the equity to solve a financial issue that will just recur. However using the equity to make needed and value adding capital improvements to your home is certainly justifiable. There are a number of ways to skin this cat (HELOC vs total re-fi, etc) so be sure to reach out to me and I can help you explore your options. As most of you know the finance side of the game is an area of focus for me. Hope to hear from you soon!
It’s a good life.
Chris
