Put Your Home’s Equity To Work – How a HELOC Can Help
From a kitchen remodel or a dream vacation, to paying off your car or student loan debt, your home’s equity may be able to help you get it done. A Home Equity Loan can either be a fixed rate or variable loan based on your home’s equity. Your home’s equity is the difference between what you owe on your mortgage (if you’re still paying one) and what your home is worth.
A fixed-rate Home Equity Loan consists of a lump sum, paid back at a fixed rate based on the equity of your home. A Home Equity Line of Credit is more like a credit card, or any other type of open-ended loan. You can borrow up to a maximum amount based on your home’s equity over a certain period of time. With a HELOC, you do not need to use all of your home’s equity at once, you can pull what you need when you need it.
HELOCs are great options for ongoing projects where costs may change or fluctuate. They offer low-rate options for consolidating and refinancing your existing debt as needed. With flexible repayment terms and variable monthly rates, you are in control of your spending and repayment. Having the line of credit as your cushion allows you to take the money necessary for whatever project life brings you while avoiding overspending.
White Rose Credit Union offers low rates on HELOCs along with an easy online application process. Our Senior Member Service Representatives would be happy to sit down and answer any questions regarding our Home Equity Loans.
Must qualify for membership. Some restrictions apply. Federally insured by NCUA.