Gulfport Homes Equity – Why and How

    Gulfport Home Refinance – Cash In Hand

    Whether you want money for home improvements, college or a vacation, you can use the equity in your home to provide the funds you need. Refinancing your mortgage is a wonderful way to get the cash in your hand to enable you to tackle projects you have been putting off.

    There are two ways to turn the equity in your Gulfport home into usable cash. A home equity line of credit is one option that works well for many homeowners. A more traditional choice is a cash-out refinance of your existing first mortgage.

    How Do You Know if You Have Equity?

    Equity is the difference between the amount your home is worth and the amount you owe your mortgage company. It represents the portion of your home that you actually own. In order to figure the approximate amount of equity you have, you will need to know what your home is worth. The most accurate way to find the value of your home is to purchase a real estate appraisal. Other methods include researching property sales in your neighborhood or using the tax assessor’s value of your property.

    Why Should You Get Cash From Your Home?

    Many people, especially those who plan to sell their home in the future, get cash from their home to make improvements that will increase the value of their property. If you want to remodel your kitchen or finish your basement, you can use the proceeds from a cash-out refinance or a home equity line of credit to finance the project.

    While home improvements are one of the most popular uses of equity, they are not the only reason homeowners refinance their mortgages. Because there are no restrictions on the use of the funds from your cash-out refinance, you can use it for any major purchase including college tuition, medical bills or unexpected expenses.

    Check out our other articles on Gulfport Home Financing:

    Say YES! To Lower Gulfport Home Mortgage Payments

    How Your Credit Report Can Make It Or Break It For You


    “The best decision I made was choosing Amanda Hendry and her team as my Realtor for my first time buying a home. They walked me through every step and worked with my mortgage loan officer and with the seller to make sure everything was in order and done in timely manner. My first time buying a home was a journey and not an easy one and Amanda went above and beyond to get me in the home of my dreams. She showed me probably every house on the market in the locations I was searching for several mon…
    Jennifer BatesGulfport, MS