A home equity loan is a way to use the equity (paid down portion of your mortgage, or more accurately, the portion you own) of your home in order to borrow money to use for major expenses such as renovations, education, or other larger but necessary expenses. The loan amount is based on the equity amount, and uses that equity as collateral against the loan (The portion of the house you own is used to recoup the cost of the loan in case of default).
There’s a number of practical and necessary reasons that you may need to borrow against the equity in your home to access capital (borrow money):
- Home improvements or renovations
- Consolidation of high interest debt
- Education and personal development
- Emergency expenses
From the Comfort of Your Own Couch!
MORGIX has your back.
Tajinder loved HGTV, his favorite show was Decked Out. He was happy with his first mortgage but needed some creative cash to beautify his backyard.
He called his friends at MORGIX. Within two weeks he had his down payment for the contractors.
If you’re wondering if he’s happy with this MORGIX experience, you should try to ask him between his hot tub sessions.