Your home equity represents the share of your home that you own outright — either paid for in cash or repaid on your mortgage. If the value of your ownership stake is substantial, you could utilize that equity to fund repairs or upgrades to your home: Use your home’s worth to further enhance its worth. Nevertheless, it’s important to carefully evaluate the advantages and disadvantages before accessing your home equity for remodeling purposes.
- If you want to tap into your home equity for a home improvement project, it’s important to understand how home equity financing works.
- Two popular