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How to Use a Home Equity Line of Credit

By: Renee Gullickson, Mortgage Loan Officer

May 23, 2019

By: Renee Gullickson

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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