What Can a Home Equity Line of Credit (HELOC) be Used For?
Whether you need to update your kitchen or fix a leaky roof, home improvement sometimes is not cheap. That’s where a HELOC can help
What is a Home Equity Line of Credit?
- A HELOC allows you to borrow against the equity that you’ve built up in your home.
- It gives you flexibility for both borrowing and repaying the loan.
How does HELOC work?
- A HELOC works like a credit card that you can borrow money when you need it.
- The limit is set by how much equity you have in your home minus any outstanding loans.
- A HELOC can offer more flexibility with withdrawals and making payments.
How much can I borrow?
- The amount you can borrow is determined by the market value of your home and the amount you owe on your mortgage.
Making improvements to your home
- If you want to borrow money to make improvements to your home such as remodeling or a new roof, it makes sense to get a home equity loan.
- Putting more money into your home makes sense for your peace of mind and for investing in your home for possible re-sell.
Back-up emergency fund
- Since HELOCs are like credit cards, the money is there when you need it most.
Talk to one of our mortgage lenders about a Home Equity Line of Credit today.
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We’re Legends Bank… professionals who know what you want and need most, and a homegrown, financial institution that’s here to stay. Contact us today for all your banking needs.