What Can Your HELOC Do For You?
Are you wondering how you can make the equity in your home work for you and your family?A Home Equity Line of Credit (HELOC) can help turn your goals into reality. Using the equity you’ve built in your home, you can secure a revolving line of credit to help finance major expenses. HELOCs typically have low interest rates, flexible repayment terms, and even potential tax advantages. Here are five things you can do with a HELOC.
How Do I Determine My Home Equity?To estimate how much equity you currently have in your home, use our home equity calculator. If you would prefer to calculate your home’s equity manually, just subtract the amount you owe on all loans secured by your home (mortgage balance, home equity loans or lines of credit) from it’s appraised market value.
It’s important to remember when taking out a home equity line of credit or home equity loan, the collateral is your home. Make sure to budget well and not overextend yourself putting your home at risk. It’s wise to use a home equity line of credit or loan for long-term investments and major expenses rather than every-day spending.
For more information on home equity: what it is and how it works, check out Understanding Home Equity or come in and speak to a banker today.