Have you been considering making home improvements, such as renovating a small or outdated kitchen? Or do you need some extra funds to pay off expenses, like an emergency repair, student loans, credit card or medical debt? There are many options available to help, but one resource to consider is using the equity you’ve built in your home. A Home Equity Line of Credit (HELOC) is a great resource available exclusively to homeowners. This could be the key in creating financial stability and making your dreams a reality.
What’s a HELOC?
A HELOC is an open-ended loan that is secured by the equity in your home. You can use these funds to pay for expenses that occur over a period of time, such as a larger home renovation that increases the square footage of your house. These loans are flexible and can be used for anything you need. Here are a few great ways to use a HELOC.
- Home Improvements That Add Value: A HELOC is perfect for making improvements that add value to your home. This could include adding an extension on your house, remodeling a backyard deck, or renovating an outdated bathroom. You could also consider making energy efficient updates, such as solar energy systems or energy-efficient designated windows and doors, which could save you every month on your heating and cooling bills.
- Consolidating into a Low Interest Rate: Often, a HELOC will offer a lower interest rate than most other loans or credit cards. This means it could be a great option for consolidating high-interest debt into a low, affordable monthly payment.
- Unforeseen Home Repairs: Of course, “Anything that can go wrong will go wrong, and at the worst possible moment,” so says Murphy’s Law. A HELOC is also a good go-to for those unexpected and expensive home repairs. This could be the financial key you need when you suddenly need a new roof, water heater, or furnace.
Interested in learning more? Visit our website or give us a call at 800-422-5852 to find out how we can help you get started. Equal Housing Opportunity.