Home Equity Line of Credit
What is a HELOC?
How does a HELOC loan work?
What are the benefits of a HELOC?
- Set up access to emergency (rainy day) funds
- Buy a new car, truck, boat, or RV
- Pay for college tuition
- Renovate or remodel your home
- Consolidate higher-interest debt
Additional HELOC loan benefits
HELOC loans offer variable or fixed interest rates that are usually lower than the interest rate on a credit card. Credit limits are also variable and depend on your home equity.
Closing on a HELOC loan is easy and may even take place in your own home.
Several options are available to you for accessing cash, including personal withdrawals, check writing, and card use.
You choose how much to borrow and use, as well as how much to repay and when, provided it’s equal to or more than the minimum payment.
Depending on your situation, interest paid on a HELOC loan may be 100% tax deductible under federal and state income tax laws. Not all states may allow this deduction. Consult a tax advisor to make sure you’re eligible.
READY TO LEARN MORE ABOUT
THE FHA LOAN?
READY TO Apply for a VA LOAN?
Eligibility requirements
Related articles
Tap into your home equity
Unlock the potential of your home equity—
apply now to access the funds you need!