Benefits of a Home Equity Line of Credit(HELOC)
Whether you own your home outright or still owe on it, a HELOC gives you access to cash based on the value of your home.
With home values increasing over the past few years, now may be a perfect time to consider a home equity line of credit (HELOC) to get started on those projects!
Whether you own your home outright or still owe on it, a HELOC gives you access to cash based on the value of your home. The maximum amount of your HELOC will vary based on the value of your home (determined by a current appraisal), how much you still owe on your home and the percent you can borrow up to.
Eligible borrowers can draw from a HELOC up to the limit and pay it down as many times as needed. With a HELOC, you can pay as little as just the interest on the loan, or pay monthly or make lump-sum payments.
HELOC accounts allow you to receive funds easily and quickly with low upfront costs, flexible terms and repayment options. These funds can be used for long-term or short-term life goals and are recommended for expenses that will add value to your home or help build your credit. For example:
- Remodel your kitchen, bathroom or fund other home improvement projects
- Make repairs to the exterior of your home
- Refinance a mortgage or other personal loan
- Reduce credit card debt
To learn more, contact your local lender today.