Think carefully before taking out a mortgage

Think carefully before taking out a mortgage
Gary Sandler

Thinking of buying a new vehicle or installing an in-ground pool? Maybe you need money for tuition, mounting debts, or an extreme makeover for your pet. Perhaps you would like to improve your home by renovating or adding more space. These uses and many more can be financed with a home equity loan or a home equity line of credit (HELOC). But is it safe to use the silver – no matter the circumstances? Maybe, maybe not.

According to CoreLogic’s Homeowner Equity Insights report for the first quarter of 2021 (https://www.corelogic.com/press-releases/nationwide-homeowner-equity-gains-hit-1-9-trillion-in-q1-2021-corelogic-reports/), “U.S. homeowners with mortgages (about 62% of all properties) have seen their net worth increase by a total of nearly $1.9 trillion since the first quarter of 2020, an increase of 19, 6%, year over year. The report also found that the average homeowner in New Mexico earned $26,000 in equity over the same period. CoreLogic is a leading global provider of property information, analytics, and data-driven solutions.

Leave a Comment