2007-09-18 15:46:48 · 9 answers · asked by Anonymous in Education & Reference ➔ Words & Wordplay
You take advantage of the equity in your home (that is the amount of money between what you owe on the house and what it is worth)
You are basically taking a loan against the house
2007-09-18 15:54:21 · answer #1 · answered by Experto Credo 7 · 0⤊ 0⤋
Your home equity is the difference between the market value of your house and the balance on your mortgage. When you tap into it, you take some of that value in the form of money, either by taking out a home equity loan, or by refinancing your home loan.
Please remember that you do have to pay it back.
2007-09-18 15:55:03 · answer #2 · answered by Terri J 7 · 0⤊ 0⤋
home equity is a credit against your home. A type of loan. You can borrow money on it. so to tap into means to take some of your home equity.
2007-09-18 15:55:13 · answer #3 · answered by ruth4526 7 · 0⤊ 0⤋
Tap Into Definition
2016-11-07 04:40:26 · answer #4 · answered by cerritelli 4 · 0⤊ 0⤋
Ok - your buy your house for $400k and have a $200k mortgage.
Your house increases in value to $600k.
This means that you now have $400k equity in your house. You can borrow against it at low interest because the loan is secured by your home.
2007-09-18 15:56:21 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Do you have fairness interior the abode and adequate earnings to pay the indoors maximum loan decrease back and a fabulous credit checklist? If all the solutions are definite, then you definitely gets the indoors maximum loan and its a fabulous theory to finance the plumbing. If the respond is not any, you're able to no longer get the indoors maximum loan. pondering you do no longer plan to be interior the abode for a protracted time, i'm undecided i could pour money into the kitchen redesigning.
2016-11-05 21:08:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
To borrow money using your home as collateral.
But beware! See source link.
2007-09-18 15:55:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Lots of great answers already for this
2016-07-30 03:28:45 · answer #8 · answered by ? 2 · 0⤊ 0⤋
Wow, Thanks! I was wondering the same thing today
2016-08-24 16:34:51 · answer #9 · answered by ? 4 · 0⤊ 0⤋