The housing crash we’ve all enjoyed (sarcasm) was not only a product of unscrupulous banking. It was also the result of irresponsible self-lending. By that, we’re taking about the re-purposing of home equity. Over the period of about ten years, it became common practice to take the vested home value built up over years of monthly equity loan payments, and turn it into spendable money.
With Great Power Comes Great Responsibility
This can be a wonderful tool for home improvement, secondary home purchase, or other investments. But many people spent their equity loan on other, less wealth-building things. Of course, this is America, and we’re all free to make our own decisions, but often, banks and other financial institutions are more interested in re-upping your mortgage than providing sound financial advice.
Strong Equity Loan Decisions
At McLellan Financial Mortgage, we want to help you make the most of your hard earned money. Whether it’s a new home equity loan, a refinance, or other equity transaction, we can certainly make sure that you get the best rate and a responsible lender. But we also provide sound financial advice. We want to encourage home owners to see home equity lines of credit and home equity loans as investment tools, not ATMs. The goal should always be to strengthen your financial position, not to endanger it.
Give us a call at 248-619-7067 and ask us anything you’d like. At McLellan Financial Mortgage, we’re happy to answer all of your questions and help you make the best decision for you and your family.