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How to Use a Home Equity Line of Credit

By: Renee Gullickson, Mortgage Loan Officer

Now that the weather is feeling like spring, you may start to think of all of the home improvement projects you want or need. Maybe it’s new landscaping, a remodeling project you have been putting off, or some repairs and updates such as new flooring, kitchen cabinets, or a coat of paint for a fresh new look.

A great way to finance your project is a Home Equity Line of Credit (HELOC). A HELOC is easy to access and is secured by your home. The following are reasons and benefits for setting up a HELOC:

Reasons

  1. Home Improvement Projects
  2. Wedding Expenses
  3. Unexpected Repairs or Medical Bills

Benefits

  1. Interest Only Payments Required
  2. Flexibility - Advance and pay down the principal balance as often as you like
  3. Competitive Rates

If you have a specific purpose for your HELOC, and would like it paid off in a specific time period, we can set up a series of payments up to 10 years.

Visit with your local personal banker to discuss current rates and terms that best fit your individual financial needs.

 

 

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