Use Your Home’s Equity Over Time – It’s The Backup You Need
With a home equity line of credit (HELOC), you get borrowing power to leverage for years. And, there is no limit to how you can use the funds.
Finance home improvement projects, tackle routine expenses, pay off high-interest debt, or fund your big vacation. They are also a great tool for emergency backup. If you have equity built in your home and you desire some financial wiggle room, a HELOC can deliver.
Even better, with a HELOC, you benefit from a low-interest rate, too.
- Flexible credit use – access funds whenever you want
- Competitive rates that beat most personal loans and credit cards
- Easy application and fast approval so you can start planning
WHAT IS A HOME EQUITY LINE OF CREDIT?
Your home’s equity – or the value of it that’s not under a mortgage – can be tapped into and used over time. With a line of credit, you can borrow from it as often as you want and pay it back over time. This allows you to draw the funds you need without having to open another loan each time.
HELOCs are designed to be very flexible. The amount you can borrow is based on the amount of equity in your home. If your home is worth $250,000 and you have $190,000 in mortgage owed, you have up to $60,000 in equity.
Once you use the funds, you’ll start paying the money back. Later, you can borrow from your loan again, using the money for expenses and projects as they arise. It’s an excellent reserve you can access for any of your financial needs.
Check out what one member has to say about his experience taking out a HELOC with GHS.
“Two years ago, I needed to tap into my home’s equity to consolidate some credit cards. I’ve paid those off. This year, I’m using the funds to put a new deck on the back of my home. It’s so nice to have a low interest, big line-of-credit to help me meet my needs.” – James C.
APPLYING FOR A HELOC
GHS makes the entire process easy for you. Fill out an online application. We’ll give you a call, verify the information, and then work with you to determine the value of your home. This allows us to personalize an offer specifically for you. It’s that easy.
HOME EQUITY LINE OF CREDIT FREQUENTLY ASKED QUESTIONS
Our team is always available to provide resources and support as you decide if a HELOC is right for you. Here are some commonly asked questions that may help you in the meantime.
ARE HELOCS HARD TO GET?
Like any other type of loan, you will need to provide information to GHS about your credit history, income, and existing home loan. We’ll work with you to verify your qualifications. Often, we can provide pre-qualification the same day.
HOW DO INTEREST RATES WORK ON A HOME EQUITY LINE OF CREDIT?
HELOCs typically have a variable interest rate. That means the interest rate can change over time.
HOW MUCH WILL I PAY EACH MONTH TOWARDS MY HELOC?
Because the balance on your HELOC will change over time as you draw from it and pay down the balance, there’s a lot of flexibility in monthly payments. You can pay it off early by paying more than your minimum payment.
TAP INTO YOUR HOME’S EQUITY TODAY
If you need access to extra cash and want to leverage your home’s value, a HELOC may be the right fit for you.
At GHS, our loan officers have experience in every aspect of mortgages and home equity lending and can help you decide how to take advantage of your home’s value.