The Benefits of a Mortgage and Home Equity
When deciding whether to rent or buy property, keep home equity in mind. Although renting can be convenient, those payments aren’t doing much to support your financial future. Mortgage payments, however, add value and opportunity, especially through equity.
Each time you make your mortgage payment, perhaps think about it as paying yourself!
Consider the following financial benefits of having that mortgage payment:
- Mortgages are considered good credit and likely to support your FICO® score
- As you pay down principal on your mortgage, you’re investing in your home’s equity and increasing wealth based on your property value.
- Over a long period of time, properties generally increase in value and sell for a return on investment.
Even better, you could tap into your home’s equity for a convenient source of funds – with a
Home Equity Line of Credit (HELOC). HELOCs can be used to:
- Consolidate debt into a lower monthly payment
- Cover college tuition or student expenses
- Make home improvements that could increase your property value even further
- …and more.
In this way, homeownership can help lead toward future financial success! Plus, a Visions
HELOC comes with a convenient, ten-year draw period.
If you need support becoming a homeowner, visit visionsfcu.org/walletwellness and connect with our Financial Wellness Team. For more information about HELOCs, see page 3 or schedule a meeting with a local representative at visionsfcu.org/appointments.
800.242.2120
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