A HELOC Can Help!A HELOC, or Home Equity Line of Credit, is a great way to utilize the equity in your home to achieve your financial goals. A HELOC can help finance home renovation projects, reduce debt or provide income to pay bills that arise. Here’s how a HELOC can help:
H – Home equity– The equity in your home is the amount your home is worth less any debt you have against your home. For example, if your home’s assessed value is $250,000 and you owe $175,000 on your mortgage, your home equity is $75,000. This equity allows you to affordably borrow money to meet financial needs.
E – Easy Access to Money – You are able to pull funds as needed from your line of credit at any time.
L – Low Cost – A HELOC is a low-cost alternative to higher rate, personal loans. You are also able to borrow more money than is typically available through other loan options.
O – Only charged interest on the amount you use – You may qualify for a $20,000 line of credit, but if you only use $5,000, you pay interest on the $5,000, not the $20,000.
C – Cash for all your needs – The flexibility of a HELOC is another benefit. You can use the cash from a HELOC to finish those home renovation projects, consolidate high-rate debt, or send a student to college.
Would you like more information regarding how a HELOC can help your specific situation? Call or text 605-718-1818 or visit https://www.bhfcu.com/Borrow/Personal/Home-Equity-Loans.