Finally crossed the 100k equity line, took 8 years of payments

I bought my place in 2017 for 215k and just got a new appraisal at 318k. That jump plus what I've paid down finally put me over 100k in equity, which honestly felt like a fantasy number when I was scraping together the down payment. I remember sitting in the closing office doing the math over and over, wondering if I'd ever see a number with six figures on my side of the ledger. Decided to do a cash out refi for 40k to replace the roof and fix the driveway drainage that's been pooling water for years. Has anyone else hit a milestone like this and then felt weird about actually pulling the money out instead of just letting it sit there?

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sanchez.mary1mo ago

Waited way too long to do mine, honestly. Bought in 2014 for 160k, and by 2021 the place was worth over 240k but I just let the equity sit there while my basement seeped water every spring. Finally did a cash out refi for 20k to fix the grading and put in a proper sump pump... felt guilty at first like I was undoing my progress, but the peace of mind when it rains is worth every penny. Plus I locked in a lower rate than my original mortgage so my payment barely moved. That's the trick, you gotta time it so the costs don't eat the win.

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