EPISODE 48: Using Home Equity To Purchase a New Home (A 2024 Guide)

If you’re considering buying a new home, using home equity might be a game-changer. Instead of selling your current house, you can tap into its value to finance your next property. This involves taking out a home equity loan or HELOC, which gives you a lump sum or a line of credit to use as a down payment. Your home equity is the difference between your home’s market value and what you owe on your mortgage. Home equity grows with your mortgage payments and home value. 🔍🏠 Using it to buy a new home can save you time compared to saving up for a down payment. However, it also comes with risks, such as the potential for foreclosure if you can’t make payments. Costs like fees and higher interest rates may also add up. Before diving in, compare different loan options and understand the risks involved. Consulting with a financial advisor can help you make a smart choice.🏡💰 Join our Facebook community!👇https://www.facebook.com/groups/moveingtolasvegasandhendersonnvsupportandguidance Follow me on my social media websites👇 Facebook: https://www.facebook.com/longsrealestate702 Instagram: https://www.instagram.com/longsrealestate/ TikTok: https://www.tiktok.com/@longsrealestate Email: [email protected] Twitter: https://twitter.com/longsrealestate Get our FREE Relocation Guide👇 https://pages.kw.com/long-phan/730510/relocationguide.html Schedule a FREE Buyer or Seller Consultation👇 https://www.facebook.com/longsrealestate702 Long Phan,REALTOR®️ 702.849.2426 408.483.8397 Keller Williams Realty The Marketplace - S.0191011