Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Stephanie Murray from Dacotah Bank. Listen as Stephanie talks about home equity and how that may work for you. You can reach her at 605.692.8600 or stephanie.murray@dacotahbank.com Her office is located at 1441 6th St., Brookings SD 57006 or on the web at https://www.dacotahbank.com/brookings
Hey, good morning everybody, how ya doing? Shane here from the Brookings Home Team, powered by Century 21. I'd mentioned to Stephanie here as I came in, got the Superbowl hangover. Hopefully you guys are up and awake here ready to go. Hopefully your team, maybe won. Mine did not but Steph's did here, I guess . Anyway, we're gettin' ready to roll. It's 8:15, that means it's Monday Morning Mortgage Tip. Got Stephanie Murray here from Dacotah Bank. She has graciously jumped in and has taken a spot for the rotation of the Monday Morning Mortgage Tip. Stephanie, thanks for doing that.
Thank you.
As you guys will know here later on I'll have all of our information on the top, on the bottom, or on the sides, wherever your device allows you to see that. And as you guys jump on here, let us know. Give us a heart or a thumbs up, and we'd love to hear if you have any questions. Whether it's now or down the road we'd be happy to answer that for you in the future. Stephanie, what is the Monday morning tip that you have for us on your first live video here.
Well, this morning with the home show coming up this weekend, I wanted to go over a couple tools that you could use to help with any home improvement projects that you might be thinking about. Those are home equity loans and home equity lines of credit. Sometimes I get the question of what is equity? The equity in your home is the difference between the market value of your home and any loans that you might have. That difference is the equity that you have available in the home. Home equity loan is a closed-end loan with a one-time disbursement up front, and you pay it off over a set amount of payments, five, 10, 15 years, what you're comfortable with, with those payments. Home equity line of credit is a... It's a line and it works similar to a credit card, usually at better interest rates than a credit card. But you have a set line amount that you can use as you need. You can use it for those home improvement projects. You can use it for debt consolidation if you choose. I've had people use it for education funding. It's a good tool. It's a line of credit similar to a credit card that you can use and pay off as you need. Those are a couple tools that I wanted to go over with you. This weekend, home show, February 8th and 9th. 8th, it goes from 10 to five, and 9th, 11 to three. Admission is free. Dacotah Bank will be out there with the booths, so stop over and say, "Hi." we'll have a door prize that you can register to win for as well.
Good stuff, yeah. That equity line there is awesome, guys. Depending on your tax situation, that interest may be tax deductible for you, too. Of course, you gotta check with your tax advisor on that. When I had one, I was able to buy a car, pay cash for it, get a better deal, write the interest off. In my case I was able to do that. So we have some good stuff. Come down and talk with Stephanie on what might best suit you. She's got all kinds of information to help you with that in the course of the home show. We'll both be out there, both Saturday and Sunday. Saturday, I might be in my C21 suit, so look for that there. Come and chat with Stephanie. She's got some great information. Thanks again for agreeing to be in this rotation here.
Thank you.
Excited to have you in the group. That being said guys, that concludes this week's Monday Morning Mortgage Tip. We'll be back next week, ready to rock and roll for you. Have a great one.
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