A home equity line of credit (HELOC) is, a tool that gives you access to cash based on the value of your home. With a HELOC you use the equity in your home and borrow against that.
You can use a HELOC for many things, not just home improvements or repairs. Not only can you use it for home improvements, you can use it for emergency expenses, debt consolidations, college or higher education, vacations, campers, or new cars – just to paint the picture. The use of a home equity line of credit is endless.
How does it work?
You are given a spending limit and allowed to borrow against that, repay and repeat. The beauty of a home equity line of credit is the money is readily available to you as you need it during your given draw period.
Why a HELOC?
Terms and rates on a HELOC are often better than traditional consumer lending and may come with tax benefits.
One of our Financial Services Representatives would be happy to assist you in seeing if a HELOC would be the right fit for your needs. Call 248-1127, today!