I f you’ve considered taking out equity from your home, but you’re concerned about rising interest rates and whether that makes sense for you right now, I want to tell you why I think it might still be a good idea.


Something to consider is your overall reduction in monthly debt. So many people are concerned solely with the interest rate on a loan, and that is a consideration, but what most people don’t look at is how much are you saving on a monthly basis, and whether that makes sense for you and your situation.

I recently was able to help a past client with just this type of loan, and we were able to do a debt consolidation. Yes, they did give up their 4% interest rate, and we did have to lock them at an 8% interest rate. But when we sat down and did the math for them and looked at what they were going to be saving month in to month out, they were saving almost $2,000 a month. That is a significant savings for my clients.

Something else to consider when you’re doing a home equity loan. Any points that you are paying is a financial deductible amount. And don’t forget we can always refinance you to a lower rate at a later date.

What most people don’t look at is how much are you saving on a monthly basis

Bethany Ashby

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