Rising home prices are getting homeowners comfortable with the idea that their homes are again a source of personal wealth after nearly a decade of falling valuations and negative equity.
Home-equity is the difference between the value of a home and the value of a mortgage outstanding on that home.
For example, if the value of a home is €280,000 and the balance remaining on a mortgage is €180,000, this means that the available equity is €100,000.
When home prices were falling, it meant that for many families across Ireland, the difference between the balance on their mortgages and the value of their homes shrunk to a point where the value of many homes was lower than the outstanding balance on the mortgage. When this happened, homeowners were in ‘negative equity’ and were far poorer as a result!
Today, due to rising property prices, homeowners are seeing their overall financial situation improve.
This is good news all around.
Since a home represents one of the biggest financial commitments and source of family wealth, rising home prices means that many more families are seeing their family fortunes improve. In a worst-case scenario, if a home needed to be sold families would be able to do so without the worry of how they would pay for any outstanding balance on a mortgage.
A growing amount of value
Rising home prices also provide a general sense of rising family wealth even if they have no plans to sell. For most, this delivers a form of financial safety net they can fall back on if ever they need to.
Credit union options
Here at St. Joseph’s, we have always focused member needs. We understand how much their homes mean to them and we continue to focus on delivering services that offer real value, including low-cost loans for:
• Kitchen upgrades,
• Bathroom renovation, and
• Replacement of old windows
• And much more!
We’re here to say Yes!
Our qualified loan advisers are here to listen to members and advise them on their options. So, with the economy on the rebound and home prices on the increase, if you feel the time is right to carry out some overdue home upgrades, why not pop in, log on or just give us a call to discuss your financial needs. We’ll get back to you with a fast response.
Rising home prices are getting homeowners comfortable with the idea that their homes are again a source of personal wealth after nearly a decade of falling valuations and negative equity.
Home-equity is the difference between the value of a home and the value of a mortgage outstanding on that home.
For example, if the value of a home is €280,000 and the balance remaining on a mortgage is €180,000, this means that the available equity is €100,000.
When home prices were falling, it meant that for many families across Ireland, the difference between the balance on their mortgages and the value of their homes shrunk to a point where the value of many homes was lower than the outstanding balance on the mortgage. When this happened, homeowners were in ‘negative equity’ and were far poorer as a result!
Today, due to rising property prices, homeowners are seeing their overall financial situation improve.
This is good news all around.
Since a home represents one of the biggest financial commitments and source of family wealth, rising home prices means that many more families are seeing their family fortunes improve. In a worst-case scenario, if a home needed to be sold families would be able to do so without the worry of how they would pay for any outstanding balance on a mortgage.
A growing amount of value
Rising home prices also provide a general sense of rising family wealth even if they have no plans to sell. For most, this delivers a form of financial safety net they can fall back on if ever they need to.
Credit union options
Here at St. Joseph’s, we have always focused member needs. We understand how much their homes mean to them and we continue to focus on delivering services that offer real value, including low-cost loans for:
• Kitchen upgrades,
• Bathroom renovation, and
• Replacement of old windows
• And much more!
We’re here to say Yes!
Our qualified loan advisers are here to listen to members and advise them on their options. So, with the economy on the rebound and home prices on the increase, if you feel the time is right to carry out some overdue home upgrades, why not pop in, log on or just give us a call to discuss your financial needs. We’ll get back to you with a fast response.