why our team loves HELOCs
HELOCs give homeowners real-time flexibility with their equity. Whether you’re upgrading your home, covering college costs, or just want a financial safety net—you can tap into your home’s value without disrupting your existing mortgage. It’s financial freedom, on your terms.
HELOC Loans At A Glance
A Home Equity Line of Credit (HELOC) lets you borrow against the equity in your home, giving you flexible access to funds for things like home improvements, debt consolidation, or big life expenses.
Highlights
- Borrow As Needed: Access funds when you need them, not all at once.
- Only Pay Interest On What You Use: Like a credit card but backed by your home.
- Flexible Terms: Interest-only payments during the draw period, with repayment over time.
- Use It Your Way: Great for renovations, tuition, debt payoff, or emergency funds.
- Keep Your Current Mortgage: No need to refinance your first loan.
HELOC Guidelines
- Equity Required: Usually 15%–20% minimum equity in the home.
- Loan Type: Revolving line of credit, secured by your property.
- Draw Period: Typically 5–10 years.
- Repayment Term: Often 10–20 years after draw period ends.
- Property Type: Primary residences; some lenders allow second homes or investment properties.
Pros of HELOCs
- On-Demand Access To Cash: Borrow what you need, when you need it—no large lump sum unless you choose.
- Interest-Only Options Available: During the draw period, you can keep monthly payments low by paying interest only.
- Great For Ongoing Projects Or Expenses: Ideal if you're remodeling in phases or handling unpredictable costs.
- May Offer Lower Rates Than Credit Cards: Because it's secured by your home, a HELOC typically has lower rates than unsecured debt.
- No Impact On Your First Mortgage: A smart option if you like your current rate and don’t want to refinance.
Best for…
Homeowners with significant equity
Borrowers who want to avoid refinancing
Families planning renovations or large purchases
Anyone looking for flexible access to funds
Homeowners consolidating high-interest debt
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