Looking for a very useful Real Estate tool? Check out Homebot to get a monthly snapshot to track your wealth!
Have you ever wondered what the net worth of your home is to you?
If you sold your home today, how much would you put in your pocket? This is a question we often get asked, and we have a simple tool that will show you what your home’s net worth might be. It’s called Homebot. Homebot delivers a financial dashboard for your home that tracks your home’s equity and presents a personalized finance strategy that changes dynamically over time.
What could you do with the equity in your home? You could create an emergency fund for things like car troubles, job loss, or major home repair. Having access to six months’ worth of living expenses can reduce stress and prepare you for surprises. Using equity is a great way to let your home pay for its own improvements. Reinvesting in your home can add value if you make the right choices. You want to be sure that you obtain the highest return on your investment. Adding or finishing square footage may increase your home’s value while providing space to rent or house a family member.
You could use the equity in your home to eliminate high-interest credit card debt. The average American household carries a credit card balance of $16,000. One of the best uses of home equity is paying down that high-interest debt. Just be cautious and don’t rack up more credit card debt. You could also use the equity in your home to pay off student loans. The average student loan debt for the class of 2018 was around $38,000. Using equity to pay off your loans could be an option, as long you understand the associated risks.
Mortgage interest rate adds up. Over a typical 30-year loan, you will likely pay hundreds of thousands of dollars on interest. Our tools help you understand how paying more towards the principal of your payment each month or refinancing could potentially save you thousands of dollars.
Here are some other questions that this tool can help answer. If you bought your dream home, how much could you afford? If you bought an investment property, how much could you afford? How much home could you afford if you rented your home and bought another one? If you sold your home, how much cash would you have left over?
Use our simple tool to help you answer these and many other questions about home equity and refinancing. Click here to find out what the net worth of your home may be worth to you.
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