Interesting and informative perspectives on life and real estate in the Washington Metropolitan area from Sue Goodhart, one of the area's leading real estate agents
Tuesday, September 16, 2008
Let’s not use our homes as piggy banks
I often sit at the settlement table and am awed by clients who have stayed in their home, paid off their mortgages and walk away with a small fortune. We have all used our home equity as our “emergency fund” to buy cars, put kids through college and pay for home improvements. It will be tougher to do that now since prices have dropped and banks are stingier with their money. What is the alternative? Set up a savings account and fund it every month to be used for home repairs and home improvements.
1 comment:
Going down to your local bank and opening up a savings account no longer does it. The rate, typically, barely clears 1%. ShoreBank, whom I represent, offers a great High Yield Savings Account for 3.5% APY. It all online which gives you 24/7 access and easily links any other account you have at another bank. So there's no issue with transfers. And no monthly fees either. Check them out at http://www.sbk.com.
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