Should You Borrow Against Your Home Equity?

Published On: February 4, 2018|Categories: Blog|Tags: |

Should You Borrow Against Your Home Equity

If you own a home in Tampa or the surrounding communities, you might be wondering when it’s a good idea to borrow against your home equity. The truth is that there’s no one-size-fits-all answer; it’s largely based on personal preference and your financial situation.

However, there are a few instances where it can be a good idea, such as:

  • Investing in a property or business that will make you enough money to offset the cost of borrowing
  • To make a down payment on a second home
  • To make a home improvement that increases your home’s value
  • To pay off high-interest debt

You shouldn’t borrow against it if it’s going to cost you more money, though, or if you’re buying something that won’t appreciate in value.

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