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Turn Equity into the Funds You Need

You probably see your home as an expense. You have to heat and cool it, furnish it and also pay the mortgage each month. But under the right circumstances, it can also provide needed funds in the form of a home equity line of credit, or HELOC.

What is a HELOC?

A home equity line of credit is a line of credit with an established maximum amount you can draw from. The maximum limit is determined based on your home’s existing equity, among other factors.

When you need funds, you simply draw on the line using a check. Your minimum monthly payment will be interest-only based on your outstanding loan balance throughout the draw period. Any principal you repay can be re-borrowed at a later date.

What can a HELOC be used for?

Technically, funds from a HELOC can be used for most anything. However, it is best practice to use funds from your line or credit for wealth-building activities such as making improvements and upgrades to your home.

Our lenders will ensure you understand all the aspects of opening a line of credit and repayment to avoid difficult financial situations.

A HELOC can also be used for debt consolidation, paying for college, or buying a car.

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