As the holiday season approaches, homeowners may find themselves juggling festive plans with financial priorities. Whether you're hosting family gatherings, tackling long-awaited home upgrades or simply looking for extra breathing room in your budget, your home may hold a solution—through the equity you've built.
At Newrez, we know home is a huge part of holiday celebrations—and we want to give our homeowners the tools to have holiday seasons to remember. If you’d like to tap your home equity to snag some seasonal cash, our loan experts are glad to help.
What Is Home Equity?
Home equity is the portion of your property you truly own, calculated as your home's current market value minus any outstanding mortgage liens. As you pay down your loan and your property potentially appreciates, your equity grows. It’s more than just a number on paper—it’s a financial asset that can be used to support your goals.
Holiday Projects That Equity Can Help Fund
Not only are the holidays a time to bring the family together under one roof, but they can be a good time to reassess your goals and plans for the upcoming year. You could use your home equity to:
- Home Renovations: Prepping for the family get-together and wishing you could accommodate a larger dining room table? In need of another guest room for your visiting relatives? Wanting more kitchen space for holiday cooking and baking? Financing could be right under your nose.
- Energy Efficiency Upgrades: If you notice a chill in your home around the holidays, it could be that your HVAC needs to be upgraded, or your home would benefit from better insulated windows.
- Outdoor Repairs: If your roof has taken some weather damage this year, it’s best to get it fixed before winds and freezes put more strain on it. Similarly, the weather can cause cracks in your driveway or sidewalk—make repairs before ice worsens the problem.
- Get Your Dream Gift: Have you been thinking for a while about upgrading your wheels, or finally purchasing a boat? Want to jump into a new hobby that takes some investment, like horseback riding or carving your own furniture? Use your equity how you like—it’s completely up to you.
Planning Ahead with Purpose
Using home equity should always be a thoughtful decision. It’s important to understand your financial picture, consider repayment terms and consult with trusted professionals. Equity-based financing options vary, and each comes with its own structure, so choosing the right approach depends on your needs and goals. Learn more about Newrez’s equity options here.
A Season of Possibility
Your home is more than a place to celebrate—it’s a source of financial strength. Whether you're making memories with loved ones or investing in your home, your equity can help make the season brighter.
Want to learn more about how homeowners use equity to fund holiday plans or home improvements? Reach out to a mortgage expert to explore your options and make this season one to remember.
