Your home is a major investment. It’s likely that it has consumed a major portion of your savings, and it’s likely that much of your income is dedicated to making payments on your home loan. But at the end of the day, your property can provide financial flexibility, instead of being a financial burden. How? Through a home equity line of credit loan (HELOC). HELOC loans provide you with a line of credit that gives you access to funds when you need them. You can learn more about HELOC loans and the advantages of our jumbo and super jumbo HELOC mortgages here. So how might you use your home equity line of credit?
Making Home Improvements
Want to add a deck to the back of your home? Or are you looking to upgrade your kitchen? Perhaps it’s time to finish the basement. Or maybe you’d like to tack on an extra bay for your garage. Regardless of your desires, you can utilize your HELOC to fund your home improvements. The benefits of using a HELOC to finance your home improvements are two-fold:
First, you’ll be able to use as much funding as you’d like. Since HELOCs only have a maximum limit, you can borrow as you’d like, just like any other line of credit. You simply pay interest on the current outstanding balance of your loan. So if the bills for your home improvement are a bit higher than you had expected, you can rest easy knowing that you still have plenty of funds left in your line of credit.
Second, taking out funds through a HELOC to improve your home means investing further in your home. You’ll boost your home equity as you improve your home and pay off the HELOC.
Buying a Vehicle
If you need a vehicle but don’t have the funds up front, you can get a HELOC to cover the cost of your new auto. If your old car finally broke down for the last time, you can use a HELOC to finance your next vehicle. Or if you need a new car for work, you can utilize a HELOC. Using a HELOC may be an excellent option. With a HELOC, especially one of our jumbo or super jumbo HELOC loans, you’ll be able to pay for your new vehicle outright. That means no car payments. Just payments on the outstanding balance on your HELOC.
Starting a Business
Starting a business costs money, and if you don’t have funds stashed away in the bank, you’ll have to take out a loan or a line of credit. HELOCs are an excellent option because the rate of a home equity line of credit is likely far lower than that of a traditional line of credit. On top of that, our jumbo and super jumbo HELOCs can provide you with a significant line of credit. That means more flexibility as you strive to get your business off of the ground.
Purchasing a Second Home
Our jumbo and super jumbo HELOC products can even be utilized to purchase a second home. If you’re looking to invest in a vacation property, for instance, a home equity line of credit may be the best route. Use the property you have to get the property you desire!
If you’re curious about our HELOC products, or any of our jumbo and super jumbo mortgages, please feel free to get in touch with a representative today!