[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f23lh6ra7coi0t":3,"$ffeh0925h8cuz":46,"$f2emv3tus0uf1":50,"$fbwk2pqjjqsc7":54},{"item":4,"previous":34,"next":40},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":32,"updatedAt":33},37885,"ways-your-home-equity-can-help-you-reach-your-goals","Ways Your Home Equity Can Help You Reach Your Goals","\u003Cp>If you’ve owned your house for at least a couple of years, there’s something you’re going to want to know more about – and that’s home equity.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240104\u002F20240109-Ways-Your-Home-Equity-Can-Help-You-Reach-Your-Goals.png","\u003Cp>If you’ve owned your house for at least a \u003Ca href=\"\u002F2023\u002F12\u002F27\u002Fretiring-soon-why-moving-might-be-the-perfect-next-step\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">couple of years\u003C\u002Fa>, there’s something you’re going to want to know more about – and that’s home equity. If you’re not familiar with that term, \u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fowning\u002Fequity-and-appreciation\" rel=\"noopener noreferrer\" target=\"_blank\">defines\u003C\u002Fa> it like this:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“. . . your home’s equity is \u003C\u002Fem>\u003Cstrong>\u003Cem>the difference between how much your home is worth and how much you owe on your mortgage\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>That means your equity grows as you pay down your home loan over time and as \u003Ca href=\"\u002F2023\u002F12\u002F04\u002Fexperts-project-home-prices-will-rise-over-the-next-5-years\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home values climb\u003C\u002Fa>. While it’s true \u003Ca href=\"\u002F2023\u002F11\u002F22\u002Fhome-prices-still-growing-just-at-a-more-normal-pace\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home prices\u003C\u002Fa> dipped slightly last year, they \u003Ca href=\"\u002F2023\u002F11\u002F14\u002Fhome-prices-keep-climbing-in-most-markets\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">rebounded\u003C\u002Fa> and have been climbing in many areas since then. Here’s why that price growth is good news for you.\u003C\u002Fp>\u003Cp>In the latest \u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Fintelligence\u002Fhomeowner-equity-insights-q3-2023\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Equity Insights Report\u003C\u002Fem>\u003C\u002Fa>, Selma Hepp, Chief Economist at \u003Cem>CoreLogic\u003C\u002Fem>, explains:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“\u003C\u002Fem>\u003Cstrong>\u003Cem>With price gains continuing to help homeowners build wealth, equity has reached a new high and regained losses that resulted from declines last year\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>. And while the average U.S. homeowner gained over $20,000 in additional equity compared with the third quarter of 2022, some markets are seeing larger increases as price growth catches up.” \u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>And that figure is just for the last year. To help you really understand how that number can add up over time, the report also says the average homeowner with a mortgage has more than $300,000 in equity. That much equity can have a big impact.\u003C\u002Fp>\u003Cp>Here are a few examples of how you can put your home equity to work for you.\u003C\u002Fp>\u003Ch4>\u003Cstrong>1. Buy a Home That Fits Your Needs\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>If your current space no longer meets your needs, it might be time to think about \u003Ca href=\"\u002F2023\u002F11\u002F16\u002Fpeople-are-still-moving-even-with-todays-affordability-challenges\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">moving\u003C\u002Fa> to a bigger home. And if you’ve got too much space, downsizing to a smaller one could be just right. Either way, you can put your equity toward a down payment on something that fits your changing lifestyle.\u003C\u002Fp>\u003Ch4>\u003Cstrong>2. Reinvest in Your Current Home\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>And, if you’re not ready to move just yet, you can use the equity you have to improve your current home. But it’s important to consider the long-term benefits certain upgrades can bring to your home’s value. A real estate agent is a great resource on which projects to prioritize to get the greatest return on your investment when you sell later on.\u003C\u002Fp>\u003Ch4>\u003Cstrong>3. Pursue Personal Ambitions\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.\u003C\u002Fp>\u003Ch4>\u003Cstrong>4. Understand Your Options to Avoid Foreclosure\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>While the number of \u003Ca href=\"\u002F2023\u002F10\u002F31\u002Fforeclosures-and-bankruptcies-wont-crash-the-housing-market\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">foreclosure filings\u003C\u002Fa> remains below the norm, there are still some homeowners who go into foreclosure each year. If you’re in a tough spot financially, having a clear understanding of your options can help. Equity can act as a cushion if you’re not able to make your mortgage payments on time.\u003C\u002Fp>","\u003Cp>If you want to know how much equity you have in your home, let’s connect. That way you have someone who can do a professional equity assessment report on how much you’ve built up over time. Then let’s talk through how you can use it to help you reach your goals.\u003C\u002Fp>",false,[16,20,24,28],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},6,"For Sellers","sellers",{"id":25,"name":26,"slug":27},38,"Move-Up","move-up",{"id":29,"name":30,"slug":31},326,"Equity","equity","2024-01-09T11:30:00Z","2024-04-11T20:16:51Z",{"id":35,"slug":36,"title":37,"featuredImage":38,"publishedAt":39,"contentType":10,"isVideo":14},37991,"what-lower-mortgage-rates-mean-for-your-purchasing-power","What Lower Mortgage Rates Mean for Your Purchasing Power","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240104\u002F20240108-What-Lower-Mortgage-Rates-Mean-for-Your-Purchasing-Power.png","2024-01-08T11:30:00Z",{"id":41,"slug":42,"title":43,"featuredImage":44,"publishedAt":45,"contentType":10,"isVideo":14},38431,"avoid-these-common-mistakes-after-applying-for-a-mortgage","Avoid These Common Mistakes After Applying for a Mortgage","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240109\u002F20240110-Avoid-These-Common-Mistakes-After-Applying-for-a-Mortgage.png","2024-01-10T11:30:00Z",{"cover":47,"open":48,"shareSpread":49},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":51,"open":52,"shareSpread":53},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[55,59,60,61,65,69,73,77,81,85,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,147,151,155,159],{"id":56,"name":57,"slug":58},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":21,"name":22,"slug":23},{"id":62,"name":63,"slug":64},7,"Foreclosures","foreclosures",{"id":66,"name":67,"slug":68},8,"Infographics","infographics",{"id":70,"name":71,"slug":72},9,"Home Prices","home-prices",{"id":74,"name":75,"slug":76},11,"First-Time Buyers","first-time-buyers",{"id":78,"name":79,"slug":80},34,"Senior Market","senior-market",{"id":82,"name":83,"slug":84},35,"Mortgage Rates","mortgage-rates",{"id":25,"name":26,"slug":27},{"id":87,"name":88,"slug":89},41,"For Sale by Owner","for-sale-by-owner",{"id":91,"name":92,"slug":93},42,"Featured","featured",{"id":95,"name":96,"slug":97},45,"New Construction","new-construction",{"id":99,"name":100,"slug":101},52,"Luxury \u002F Vacation","luxury--vacation",{"id":103,"name":104,"slug":105},53,"Rent vs. Buy","rent-vs-buy",{"id":107,"name":108,"slug":109},80,"Time-sensitive","time-sensitive",{"id":111,"name":112,"slug":113},81,"Outdated","outdated",{"id":115,"name":116,"slug":117},147,"Internal","internal",{"id":119,"name":120,"slug":121},148,"Do Not Autopost","do-not-autopost",{"id":123,"name":124,"slug":125},320,"Inventory","inventory",{"id":127,"name":128,"slug":129},321,"Agent Value","agent-value",{"id":131,"name":132,"slug":133},322,"Affordability","affordability",{"id":135,"name":136,"slug":137},323,"Buying Tips","buying-tips",{"id":139,"name":140,"slug":141},324,"Downsize","downsize",{"id":143,"name":144,"slug":145},325,"Economy","economy",{"id":29,"name":30,"slug":31},{"id":148,"name":149,"slug":150},327,"Forecasts","forecasts",{"id":152,"name":153,"slug":154},328,"Selling Tips","selling-tips",{"id":156,"name":157,"slug":158},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":160,"name":161,"slug":162},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]