Advantages of a Home Equity Line of Credit (HELOC)
Advantages of a HELOC (Home Equity Line of Credit)
A Home Equity Line of Credit (HELOC) allows you to borrow money against the equity (or value) in your home. Equity is the difference between the value of your home and the amount owed on your home. A HELOC is attractive to fund your projects because it is much lower than credit cards or most personal loans. HELOCs are a great way to consolidate debt, pay for unexpected emergencies or finance a home improvement project. Some of the advantages of a HELOC are:
- Only pay for what you use. A HELOC is a line of credit, similar to a credit card, so you can borrow as little or as much (up to your limit) as you need and only pay interest on the amount that you use.
- Low interest rates. HELOCs have low interest rates which makes them an excellent resource to pay down higher interest loans or credit cards.
- Cash when you need it. Once approved for a HELOC, you can access the funds immediately from your checking account whenever you need it and as often as you want.
- Great terms. With a HELOC you will have access to your funds for 10 years and pay back over 15 years making payments affordable.
- Tax benefits. If your HELOC is used to make improvements to your home, it may be eligible for certain tax breaks. Consult your tax advisor for details.
Getting a home equity line of credit is simple. Just apply online, and let us take it from there. Learn more at: https://www.freestarfinancial.com/heloc
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