| If you are wanting to get a home equity loan, rates are | | | | with the equity capital in your home. If you can start a |
| still low enough that you may want to make use of | | | | low risk business, take the opportunity to let your |
| that equity in your home. Do you need some ideas on | | | | equity work for you. |
| what you could do to multiply your equity or make | | | | 4. Use the equity as a down payment on an |
| some extra money off of the capital that could be | | | | investment property or a rental. |
| available to you? | | | | 5. Use it to consolidate high interest debt and possibly |
| Here are some suggestions of ways to put the equity | | | | save yourself hundreds of dollars a month to put |
| to good use when you go to take out a home equity | | | | toward something else. |
| or cash out refinance loan. | | | | 6. Use it to finance your education and increase your |
| 1. Do a home improvement that will increase the equity | | | | earning power. |
| in your home more than the cost of doing the | | | | 7. If you live in an area zoned for this, you could finish a |
| improvement. As an example, I have heard rumors | | | | basement or area of the house to rent out. You could |
| that adding a deck to a home, because of the amount | | | | create a separate living space or apartment on your |
| it increases the homes resale value, can add up to 4 | | | | property. |
| times the cost of actually installing the deck. | | | | Just be careful to not do anything risky with the equity |
| 2. If you have a low interest rate on your home, invest | | | | in your home. If you can get a low enough rate, it may |
| your equity in a low risk investment that has a much | | | | be worth taking that money and investing it |
| higher return on your money. | | | | somewhere else. |
| 3. Buy an existing business or start a new business | | | | |