Home Equity Line of Credit
Home Equity Lines of Credit Can Help Make Home Improvements
However, did you know you could also use the equity in your home for things like debt consolidation, a vehicle purchase, college expenses or that big vacation you’ve been wanting?
Home Equity, by definition, is the difference between what you owe on your home and what your home is worth. So, a Home Equity Line of Credit extends you credit by using that equity as collateral for the loan. An important ratio in a home equity transaction is your “loan-to-value”(LTV), which takes into account what you owe on your first mortgage and what you would like to borrow from the equity, and compares it to the appraised value of your home.
Why Should I Consider a Home Equity Loan?
Our equity lines interest rates are highly competitive. If you are alternatively considering a personal loan to consolidate smaller or higher interest credit-card debt the low rate of a HELOC can be very attractive (and help you pay your debt off faster!)