4 Benefits of Using Your Equity as a Down Payment: Boost Your Buying Power
Boost Your Buying Power 4 Benefits of Using Your Equity as a Down Payment Congrats! You’ve been building up equity in your home. Now, how can you make that equity work for you when it’s time to buy your next place? Well, using your home equity to make a bigger down payment on your next home is one savvy move many homeowners are making—and for good reason! Let’s break it down into simple terms and highlight four game-changing benefits of using your equity for a larger down payment. 1. 💸 Borrow Less and Save Big Over Time By using your home equity to increase your down payment, you’re borrowing less money for your next mortgage. And guess what? Less borrowed means less interest paid over the life of the loan. This is like choosing a shorter highway route to your destination. You’ll arrive faster and spend less on gas. In mortgage terms, that’s more savings in your wallet for years to come. 2. 📉 Score a Lower Mortgage Rate Bigger down payment = happy lender. When you put more money do
