June 16, 2006, Newsletter Issue #20: Home Improvements? Take a Second Mortgage
Tip of the Week
If you are looking to add some improvements to your home and are wondering where you can find the money, the answer is all around you. If you have been in your home for a while or if you live in an area where homes have been appreciating, you probably have built up some home equity. This home equity can be drawn out through a second mortgage and can be put right back into your home through home improvements.
Second mortgages are something that scare a lot of people. There is really nothing to be afraid of. A second mortgage does not mean that you have more money invested in your home than it is worth, if you are careful. Most people who take on a second mortgage do it without ever using the funds. Rather, the funds available from the second mortgage rest where they are for that rainy day that may come along.
If you are looking to boost the value of your home through improvements, talk with a mortgage specialist about the possibility of a second mortgage. You can take advantage of extremely low second mortgage rates and fix up your home without having to come out of pocket.
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