Everyone loves the idea of a money tree, but could it be more than just wishful thinking? Homeowners actually plant a seed to grow money at their homes the instant they buy, and it’s in the form of equity.
“In a nutshell, equity is the market value of your home minus what you owe on it,” said Nebo Lending co-owner and CEO Mike Pietila.
Pietila appeared on “Live In The D” to share advice about building and using home equity. First, he talked about how equity can be used to help with paying off and consolidating debt. He also explained that equity can be used to help pay for home renovations. “Additionally, a lot of my borrowers are drawing out in the equity of their home to purchase investment properties and renovate them,” Pietila said.
Pietila also warned that every scenario is not right for dipping into your home’s equity and his company can provide and analysis of what’s right for you.
Watch the video above or click here to learn more about the equity in your home.