Your credit card payments are eating $1,500 of your monthly budget while your home sits there with $150,000 in equity. The math seems obvious—use the cheap money to pay off the expensive money. But is it that simple? Here's when leveraging home equity to eliminate debt makes sense, and when it doesn't.
Understanding the Equity Opportunity
Home equity is the difference between your home's value and what you owe:
Example:
- Home value: $650,000
- Mortgage balance: $380,000
- Available equity: $270,000
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