Everyday people secure home improvement loans for a wide variety of reasons. Some feel they need to upgrade rooms or build an addition for resale value purposes. Others want to improve the quality of life experience of living in the space. The different goals make it nearly impossible for someone to definitively say that one way or another is the best way to utilize home improvement loans. That’s because it really comes down to maximizing the benefit you want. But for argument's sake, let’s consider two tracts about “best” uses — lifestyle and return on investment (ROI).
At its core, the concept behind home equity is a simple one. It’s a term that describes the difference between the fair market or “appraised” value and the outstanding balance of any and all loans that you may still owe. If your home was worth $200,000 and you still owed $100,000, for example, the equity on your home would be $100,000.
As you may know, Carolina Trust has recently partnered with WBTW News 13's Living Local Carolina show for a Financial Friday segment. During one of our recent Financial Fridays, we had the opportunity to visit one of our members' beautiful home in Murrells Inlet, SC and talk about Home Equity Loans and Lines of Credit with our Mortgage Loan Officer, Kelly Rowland.