Are you tapping into your home equity? Here's what to do (and avoid) before the next Fed meeting.
The Federal Reserve's next meeting - and their announcement on the future of interest rates - is just days away. Set for June 11 and June 12, the Fed uses these meetings as a venue to discuss monetary policy, the state of the economy and adjustments it believes need to be made in order to help the economy thrive. That means the federal funds rate could change next week. And because that's what many financial institutions base their rates on, it could mean changes for borrowers.
'Leveraging too much of one's home equity can create issues down the road such as poor debt to income or debt to equity ratios,' explains Dan Simon, CLU, retirement planning advisor at the financial planning firm, Daniel A. White & Associates. And, that can make it difficult to borrow money at reasonable rates in the future. But, that's not the most important reason to limit your home equity borrowing.
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