Home values in the United States reached a record high 📈 in March, creating a goldmine for existing homeowners.
At the end of Q1 2024, mortgage holders held a record $16.9 trillion in total home equity, of which $11 trillion was considered tappable equity available for access while retaining at least 20% equity.
That equity can be put to work for things like home improvements, education, an emergency fund and/or debt consolidation. Are you floating credit card debt or other installment debt at out-of-control interest rates? That doesn’t make much sense when you have useable equity in your home. ⛔
A Lakeside Bank HELOC could be a potential solution. This product sits in the second lien position behind your first mortgage, ensuring that the great low rate on your primary mortgage doesn’t get touched! 😎
So what the heck is a HELOC?
A HELOC, or Home Equity Line of Credit, allows homeowners to borrow against the equity in their home. It works like a credit card with a revolving credit line, where you can borrow up to a certain limit, pay it back, and borrow again. The amount you can borrow is based on the equity you have in your home and other factors like your income, credit score, and how much you owe on your primary mortgage.
At Lakeside, our HELOC programs offer great rates, super low fees, and a streamlined underwriting process. Loan amounts start at $10,000 and go up to $2,000,000. Best of all, you’ll be working with me from start to finish, and you won’t regret it. 👍
Contact me today for more information!
News source: https://tinyurl.com/4tt9m5a4
