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Access your equity

If you already have substantial equity in your home, you can access it through a “cash-out refinance” mortgage.

What is home equity? Home equity is the difference between your home’s fair market value and the total balance of any liens or mortgages on your home. Think of it as your ownership interest in your home.

Home equity accumulates in four ways:

  1. Money committed in the original down-payment
  2. Appreciation in the local housing market over time
  3. Physical improvements or renovations to the home
  4. Principal payments on the mortgage itself

Through these four avenues, cash value—or equity—steadily builds up in the property.

Putting your equity to work for you

The good news is that the cash in your home doesn’t have to stay “buried.” If you’ve been thinking about paying off credit card debt, saving money for your children’s college, making home improvements, or adding to your retirement fund, you can put your equity to work for you.

In addition, if an unforeseen expense arises—or your employment situation changes—your home’s equity can help.

Give us a call to see if a cash-out refinance is right for you. We can evaluate your options and help you make an informed decision that’s right for your situation.

About

Founded in 1926 with less than $2,000, 35 members and clerks who donated their services in the interest of serving their neighbors, Metro Credit Union has grown into the largest state chartered credit union in Massachusetts. Metro is a not for profit financial cooperative which is owned by and operated for its members. In keeping with the credit union philosophy of "people helping people," Metro offers our members a wide range of low-cost financial products and exceptional service. ...

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Contact Us

- NMLS: 198524
200 Revere Beach Parkway
Chelsea, Massachusetts 02150
Phone: (877) 696-3876
Email: mortgage@MetroCU.org

 

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Metro Credit Union NMLS# 198524