Using home equity to your advantage

You may have some equity in your home you can use for other things. Consider your home an investment and it can work for you even while you continue to live there. If you purchased a home when the rates were high, you definitely want to refinance at a lower rate. At the same time, you can get some cash base based on the equity you have earned in your home. These funds can be used to pay off bills, to take a well-deserved vacation, and to make other investments.  

Sometimes funds are used to make additions or upgrades to the home. Paying for college tuition is another common use of a home equity loan. Being able to borrow against the equity in your home makes sense if it saves you money overall. Many consumers find it helps them pay down higher interest debts such as credit cards. As a result, they have more disposable income each month.