Mortgage - Credit Tips
Tapping into your Home's Equity to Pay Off Debt
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Big expenses are a part of life. Some build over time, such as credit card debt; others come out
of nowhere, like a medical emergency or a car breakdown. Finding the money to pay for these
expenses can be a challenge; after all you don't want to get into more credit card debt.
But if you are a homeowner, your best resource may just be your home. By borrowing against the
equity in your home, you may be able to achieve your financial goals and more.
What is Equity, and How Much Do I Have?
Equity is the difference between the fair market value of your home (what you could sell it for) and
how much you owe on your existing mortgage(s). An appraisal will quickly and easily determine your
home's fair market price. Your H&R Block Mortgage Loan Consultant can easily arrange for an
appraisal on your property. Once your home's fair market value is determined, you subtract that
price from your existing loan amount. The difference is the amount of equity you may be able
to borrow against.
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* Not to be construed as a loan application or a commitment to lend. Rates are subject to change at any time and without advance notice.