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The collective amount of equity held by homeowners grew by more than $450 billion in the third quarter, an annual increase of more than five percent, according to CoreLogic.

For the average homeowner, that’s a significant gain of more than $5,000 in home equity.

Your home is the ultimate investment, providing financial stability, a sense of pride in ownership and the opportunity to earn value back or an increase to the home’s equity. This incredible equity potential, which totals trillions of dollars among all American homeowners, is an opportunity for a home equity line of credit or a cash-out refinance.

If you live in the Roseville area, you may have noticed this tremendous uptick in home value and equity.

Homebuyers sitting on this equity are asking how they can maximize on this opportunity. There are several ways.

One option is a home equity loan. This works like a second mortgage and allows homeowners to tap into their equity through a loan that’s backed by the positive value of their property.

A home equity line of credit works more like a credit card with a varying interest rate. These loans are also maximized through your home equity, and are often paid in two phases: interest-only payments followed by a repayment plan that includes the principal balance.

Other homeowners are turning to a cash-out refinance loan, which allows borrowers to take on loans for more than what they currently own against the equity in their homes. The difference can be taken in cash form.

If you’re thinking about maximizing your hard-earned equity in your home, please do not hesitate to contact us to learn more about these opportunities.