Is this the Summer? Landscaping Dreams and Smelling the Roses.

The June heat brings about budding flowers. You can see flowers everywhere, in nearby parks, blooming on trees, outside of office buildings and schools, and even in the front yards of your neighbors. This may cause you to look at the front of your home. What do you see? Maybe a few plants, well-trimmed shrubs and a lackluster effect. Those things may all be reality, but the most important thing to see is potential.

That’s the best part about new landscaping projects, allowing your home to live up to its fullest potential. Seeing your home in full bloom is extremely fitting this time of year considering June is National Rose Month. Roses have been a symbol for love, joy, appreciation, friendship and much more for a countless number of years. President Ronald Reagan made the rose the National Floral Emblem of the United States in 1986 stating that, “The American people have long held a special place in their hearts for roses. Let us continue to cherish them, to honor the love and devotion they represent, and to bestow them on all we love just as God has bestowed them on us.” Even if roses are not the flower of choice for all landscaping projects, any type of foliage can give your house that new sense of flair.

Is it time for you to smell the roses? It is not uncommon to have a dream of what your home could be, and one of the biggest transforming factors could be exterior work and landscaping. However, you may be asking yourself, “How can I accomplish a project like that?” or, “How can I find the finances to make my dream landscape into a reality?” One answer could be a home equity loan.

What is a home equity loan?

You may have heard of home equity loans before. They can be also referred to as second mortgages. The way that these loans operate is by taking equity out of your home and turning it into cash that can be used toward other things.  Home equity is simply the difference between how much you still owe on your mortgage and the home’s value. Home equity loans are commonly used for large home improvement projects.

You may have read the term “second mortgage” and shied away. However, home equity loans are not as scary as they sound. There are benefits to taking out a loan such as this. Viewed against unsecured bank loans or issuing credit cards, these loans usually have a lower interest rate. This is because the collateral for your loan is your home itself.

Things to keep in mind

As with any major financial decision, there are always a few things to keep in mind. You first will want to discuss the scale of your landscaping project and if this loan would be a good fit for you. If you are just looking at updating a few small things on your landscape, it may be too large to fit your needs. But if you are looking to turn your home into the budding oasis of your dreams, using the equity in your home may be worth consideration.

Also, it is important to know that when a home equity loan is taken out, the homeowner will pay fees and closing costs as they would on a new mortgage. These can add extra cost, but will most likely be offset in the long run by the lower interest rates that are most commonly attached to home equity loans.

So if you are ready to smell the roses and turn a subpar façade of your home into the landscape of your dreams, have a discussion with your banker about taking out a home equity loan today.

If you are looking for more resources to get started on this, Central Bank can help. More on Central Bank Home Equity and Home Equity Lines of Credit can be found at this link, or for on–the-go access, download the Central Bank Home Loans mobile app today.