Own a Home?
Take Advantage of Rising
Part Three of a Three Part Series where we offer smart strategies for buyers, sellers, and owners in today’s market.
Are you a homeowner? Not planning to sell your house anytime soon?
You can still take advantage of the rebound in the market by putting your rising home equity to work for you in the long run.
Seize the opportunity to refinance.
If you haven’t had enough equity to refinance your mortgage at the record-low rates of the past couple of years, it’s time to try again. Chances are you own more of your home than you did a year ago; according to the Federal Reserve, homeowners’ equity rose 18% from the third quarter of 2011 to the same period last year. For a traditional refi, lenders typically require 20% equity; should you fall short of that, you’ll have to choose either a refi with private mortgage insurance or an FHA loan.
Now is the time to tap your home equity.
The market for home-equity loans and lines of credit has loosened up: After falling for years, HELOC originations jumped 7% in 2012, according to Equifax.
Upgrade your creature comforts.
Let rising prices give you the confidence to start fixing things up again. To get an idea of what various projects would cost, use Zillow’s new Digs tool (zillow.com/digs) to get localized estimates.
Grab that tax credit, already.
Still haven’t taken advantage of the home energy-efficiency tax credit —
the $500 break that’s been around since 2006? Thanks to the fiscal-cliff deal passed in January, you have another year to qualify for the subsidy. By Dec. 31, add energy efficient upgrades, such as weather stripping, windows, or a new furnace, and you’ll get that $500 credited when you file your tax return for 2013.
Third of a three-part article by CU Insight 2013.
San Diego Firefighters FCU is committed to helping you find the right Home Equity Loan.
Save money with an SDFFCU Home Equity Line of Credit (HELOC).
THE TAX SMART WAY TO BORROW.
Use the equity in your home to pay for the things you need, and get a tax write off.*
SDFFCU is ready and willing to help you accomplish your goal. We have a wide variety of low interest, low-payment loans. Purchase, refinance, or add a 2nd mortgage to lower your payments.
We offer a Low Start Rate, a Low Lifetime rate cap, and our loan adjusts only once per year.
APPLY ONLINE 24/7 at www.sdffcu.org
We can also take your application over the phone in minutes! Call us for information at 619-283-7026.
* Check with your tax advisor for complete deductibility. All terms and conditions subject to change. Certain restrictions apply; on approved credit.