Your Mortgage: Using your home’s equity

Mike Miles from Fountain Mortgage walks you through the mortgage process.

The ingredients are there. Mortgage rates are still near historic lows, property values have been increasing, and your house is an asset considering how active the real estate scene has been recently. It’s value as an asset may have also grown, so maybe it’s time to consider putting your home’s equity to work for you.

I’m not talking about using it as a piggy bank like what many people were doing before the 2008 market crash. I’m talking about using good reasoning and common sense analytics to determine the value and benefit of accessing equity in your home. Banks are still cautious with lending and require there be a minimum of 10 to 15 percent equity remaining for loans being utilized to pull equity from a home.