Take Advantage of Your Home’s Equity

(Information accurate as June 1, 2022)

Take Advantage of Your Home’s EquityPhoto byKelly Cook

The debate between a home equity line of credit (HELOC) and a cash-out refinance is unraveled. We aim to shed light on the distinctions between these two financial options, their optimal use cases, and how to determine which suits your specific circumstances best. One noteworthy point highlighted in the video is that the interest accrued on a HELOC can be tax-deductible if it is used for home improvements, making it an attractive choice for homeowners looking to enhance their living space. For a more in-depth exploration of this topic, be sure to check out the full video.

With the current housing market's rising values, many homeowners are wondering how to unlock the equity in their homes. We will emphasize the importance of evaluating your equity and financial goals before making a decision. HELOCs work like a flexible line of credit with adjustable interest rates, while cash-out refinancing allows you to get a new mortgage, replacing your old one. One key advantage of cash-out refinancing is that the money you receive is not taxable, making it a tax-free source of funds. Ultimately, the choice between these options depends on your financial situation and goals, so it's advisable to consult a financial advisor for personalized advice. Kelly Cook has been a licensed Realtor in the Phoenix Valley for over 18 years and is the Team Lead of Cook & Associates Real Estate Advisors! Kelly Cook and his team of 25+ agents can be reached through email at info@cookandassociatesaz.com or by phone at (480)442-9868. Visit our website at www.myhomevaluecalculator.com to find out your home’s value.