Can I use my existing equity in my home? Of course you can. Another popular reason for re-financing is to use the existing equity in the home. Homeowners who have a considerable amount of equity in their home may find they are able to cash out some of this equity for other purposes.

There are many purposes and this may include making improvements to the home, starting a business, taking a dream vacation or pursuing a higher degree of education. The homeowner is not limited in how they can use the equity in their home and may re-finance a home equity line of credit which can be used for any purpose imaginable.
However, you need to understand that a home equity line of credit is different from a loan because the funds are not disbursed all at once. Rather the funds are made available to the homeowner and the homeowner can withdraw these finds at anytime during the draw period. Do you have any plan for your existing equity in your home?

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September 3rd, 2009 Mortgage
Can I Use My Existing Equity In My Home?