Dreaming of Summer? Put Your Home’s Equity to Use

The following article is sponsored by Univest Corporation. For information about Univest’s services, please click on the following link:  www.univest.net.

Dreaming of Summer? Put Your Home’s Equity to Use

By: Anthony DaCosta, Vice President and Area Manager, Univest Bank and Trust Co.

This time of year homeowners often dream of the home improvements they would like to make such as additions, decks and swimming pools. With the summer season just ahead, families begin to think of vacation spots to relax and enjoy great weather or about impending college bills. The biggest deterrent to moving forward with any of these desirable plans is affordability. Once you put pen to paper and tally the costs, the reality can set in that you may have to downsize your plans and expectations. Here are some suggestions to make your spring and summer season satisfying to you and your family.

What is the goal or objective?

Are you looking to accomplish your goal all at once or can it be done in stages?  Is the goal or objective short term or long term?  If it is a vacation, then obviously it is a one shot deal. If it is a home improvement project it may be able to be completed in phases to ease the financial burden.

Home Equity Loan or a Line of Credit? 

With a home equity loan you will get all of the funds up front and will immediately begin making monthly payments on the amount you have borrowed at a fixed interest rate. With a line of credit you have the flexibility to use the funds when you need them and restore your line with monthly payments. This type of home equity product can be particularly helpful when facing emergencies.

Shop Around

Do your research depending on your wish list – contractors, landscaper, travel agents. In addition, shop around for the best rate and terms for your financing. Shopping the competition in all aspects gives you leverage to make the best possible choices for you and your family. It also gives you the satisfaction that you did your due diligence as a consumer.

Using these tips can help you make your dreams a reality. With a plan and proper research you can make the right choice for your unique situation.

 Equal Housing Lender. Univest Bank and Trust Co. is Member FDIC and an Equal Opportunity Lender.