Check Local Mortgage Rates
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
A home equity line of credit is a very flexible lending option. If you need cash for any reason, a HELOC can give you the ease of borrowing as you go when you need the funds. As long as you have equity in your home, this could be a good option for you.
1. Home Improvements
Home improvements are a very common reason to use a HELOC. You are essentially taking equity from your home but also adding value to your home with certain upgrades. You may be adding to the size of the home or upgrading the kitchen and bath. You may need to make structural repairs, like a new roof or electrical wiring, to keep your home safe.
2. Debt Consolidation
A HELOC is often used to consolidate debt. If you have credit cards with high interest rates, a HELOC could save you a lot of money every month. HELOCs are tax deductible also.
3. College
A HELOC also could be a good way to pay for college. Instead of taking out student loans at a higher interest rate, you could use a HELOC. This would make those loans tax deductible on your income taxes. You will also have the flexibility to borrow over the years as needed.
More Articles...
What Are Typical Mortgage Down Payments?
Should You Refinance? Make Sure the Timing is Right
- Low Down Payment Loan Qualification
- Appraisal Basics
- 3 Warning Signs of Loan Modification Scams
- Alternatives to Getting a 2nd Mortgage
- 3 Reasons Banks Reject Short Sales
- Second Mortgages: Advantages and Disadvantages
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Short Selling a Rental Property