One positive development in the recent run-up of prices is that many homeowners now have substantially more equity. The average mortgage holder now holds $299,000 in equity, of which $193,000 is tappable, meaning they could borrow that much while still having 20% equity in their home.
Having this equity can be valuable, such as if you want to put a large down payment on your next home. But it can also be helpful to use now, when used wisely. For example, if you have high-interest debt, like credit card debt, you might benefit from taking out a home equity line of credit (HELOC) or a home equity loan to consolidate debt.
How…
Read the full article at: https://www.cbsnews.com/news/heloc-vs-home-equity-loan-which-is-best-for-debt-consolidation/