Advertorial: Need a home equity loan? House Numbers can advise you on your options
House Numbers can help homeowners in California, Colorado, Florida and Texas with finding the best way to bring down their debt
More than 70% of Millennials have some form of non-mortgage debt, according to The Hill. And the average Millennial owes $117K. But even with the financial odds against people in my demographic, we’re still becoming homeowners.
In fact, more than 50% of Millennials are now homeowners, reports Motley Fool. It just took us a little longer to reach that point: Millennials accounted for 28% of home buyers in 2022 (compared to 43% in 2021) while Baby Boomers beat us at 39% the same year.
So why do these numbers matter? Last year (2022) was the first year since 2014 that Millennials did not account for the largest share of home purchases. And this may also be a time when home equity loans can help current homeowners in financial bind.
Home equity loans, funds that assist homeowners with borrowing against the equity on their residence, are calculated by using the difference between a home’s current market value and the homeowner’s mortgage balance due. The loan can be a fixed-rate loan (home equity loan) or a home equity lines of credit (HELOCs). Fixed-rate home equity loans are distributed in one lump sum while HELOCs operate as a revolving line of credit.
How can House Numbers help with a home equity loan?
Not sure if you’re qualified to get a home equity loan? Test out your options with home equity advisor site House Numbers, which exclusively operates in California, Colorado, Florida and Texas.
Although House Numbers is not a direct lender, this company boasts itself as the “first advisor solely dedicated to helping homeowners maximize the wealth generated from the home asset.” With your voluntary homeownership info, House Numbers will share opportunities to save money on the costs of home ownership, including mortgages. They use their own technology to understand a homeowner’s goals and financial situation to make recommendations.
The process to learn your options on House Numbers is simple enough:
Enter your home address.
Choose one of the four most common reasons to need a home equity loan. (I chose “pay off other debt.”)
Enter the value of your home.
Calculate and enter the amount of cash needed.
Answer: “Which is most important to you when getting cash from your home?”
Pros:
If you’re a first-time homebuyer who doesn’t really know how home equity loans work, entering your email address immediately gives House Numbers web visitors an option to have a free 10-minute consultation via Calendly.
House Numbers also has a considerable amount of online information for new home equity applicants: finding and understanding what the home value entails, and an easy-to-understand explanation of improving home equity, debt-to-income (DTI) ratio, loan-to-value (LTV) and how credit scores influence loan results.
If you don’t want to speak to a House Numbers rep immediately, the auto eblast signup will give you the option to learn:
The five best ways to access your home equity
The mechanics of HELOCs
Unlocking cash with a home equity loan
What are equity share agreements, and are they for you?
Cash-out refinancing trend
The what, when and why (and, why not!) of reverse mortgages
Cons:
I’m always wary of any website that asks bare minimum questions before wanting an email address and a phone number. In the case of House Numbers, you’ll be automatically added to five newsletters as soon as you enter your contact information.
In their defense, and from a marketing perspective, how else will you be able to follow up and educate homeowners on their options without any contact information? Although the 10-minute consultation link may send some scurrying, primarily because it does not open with a Secure Sockets Layer (SSL) link, not to worry. The link goes to the $85 million company Calendly. It’s safe to enter your info there. Additionally, there is an unsubscribe link in the very first email that will allow users to unfollow all five newsletters or pick and choose which ones they want.
The only other con currently on the website is it doesn’t clarify that each state may not be eligible for House Numbers home equity loan advice. However, the e-blasts will still be sent even if the website rejects your address for not being in an eligible state. Ideally, there should be a warning (or a dropdown menu) immediately confirming which states House Numbers works with before entering the home address on any page.
Is checking out House Numbers worth it?
There are a number of reasons why a home equity loan makes sense. If you’re looking to update your home (either for improved living or to sell it at a rate that’s more attractive), the extra funds help (without digging into your own retirement or rainy day savings). If you’re looking to pay down debt so you’re not trying to juggle your mortgage or risk a property tax increase, a home equity loan works. The funds can also be used to fund another investment or help to save for retirement.
After House Numbers finds a lender that may work best for your home equity loan, have a plan ahead of time to avoid overspending. If the goal of the loan is to pay off debt, actually pay off debt and don’t rack up those credit cards again. If it’s home improvement, find licensed contractors who can do the work. (Unrelated to House Numbers, know what you’re signing beforehand to avoid instances like this Owner Exemption Affidavit misunderstanding.)
Even if you need it to just help with your student loans, House Numbers can help there too. But make sure that whatever you plan to do with your home equity loan, it will be paid back in a timely manner. Otherwise, you’ll be another Millennial homeowner back in debt all over again. Listen to House Numbers’ advice to improve your housing for the long run.
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