PROTECT YOUR EQUITY

During recent years, second mortgages and home equity loans have increased significantly in popularity. While such loans can be very appealing when they are used to refinance existing debt, such as credit card balances, or simply to make additional purchases, there can be negative consequences which homeowners may want to consider before getting such a loan.

When the time comes to sell their home, owners with home equity loans or second mortgages may face the harsh reality of having little or no equity. In the worst cases they may even owe more than the home is worth. If such a homeowner is facing a job transfer or a loss of job, such circumstances can create economic hardship.

Hopefully, being aware of the possible negative impact of home equity loans will cause you to consider being careful with the equity in your home. If you have further questions, contact me at slaunchbaugh@cbtulsa.com