Don’t Forget to Look at Your Home as a Financial Tool!

Mark & Dara had a goal in mind for what they wanted their house to look like: they wanted to add two extra bedrooms for their kids as well as expand their own master bedroom. The only problem was they thought they would need to pay for it with savings or take out loans at high-interest rates. While consulting with their family, someone suggested they speak they look at taking equity from their home to do the repairs, so they went down that path. After a few inquiries, they were being told that the equity they had access to was limited. Even though they had close to $100k in equity they were being told they could only get $40k

Luckily, they found their way to me from one of the bankers they had spoken with. Once I had the chance to speak with them, we came up with a plan that would allow them to access funds from their home to complete the repairs. I was able to come up with a plan that would allow them to access 95% of the equity in their home. With this money, Mark & Dara will now be able to create the home they want without worrying about staying within any type of construction budget. They will also significantly increase the value of the home with these repairs which will replenish a majority of the equity we used!