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      08-26-2014, 01:22 PM   #2
kscarrol
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Drives: 2021 X3 M40i, 1974 2002 Tii
Join Date: Jun 2010
Location: Greenville, SC

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Congratulations on the new home!! Like holding a stock, you don't actually realize that "gain" until you sell for $55k more than you bought it for! But with an appraised value above your purchase price, you technically have more equity in the home and could therefore borrow against that equity through a home equity line of credit from your bank. Rates for home equity lines are higher than mortgage rates but much lower than credit cards. You can borrow for any thing including additions/renovations to the home, paying for kids college etc...

And I hear you on prices. My 3 bdrm/3.5 bath 2,300 sq. ft. house was $850k...
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2021 X3 M40i
1974 2002tii, Inka, 5 sp manual
BMWCCA # 327475
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