Imagine you are about to purchase your dream home, and a generous financial gift from family or friends is making it possible. It's a moment to celebrate! But did you know that mishandling gift funds can lead to delays, added stress, or even jeopardize your loan approval?
What’s the Difference Between a Second Mortgage and a Home Equity Loan?
If you've been diligently paying down your mortgage, you've likely built up a valuable asset: home equity. This financial resource can be a game-changer, offering opportunities to fund major expenses, consolidate debt, or tackle unexpected financial challenges.
