Have you noticed that property values are higher than they were a year ago?
If you are looking to do some home improvements, a HELOC loan might be the loan for you.
HELOC stands for home equity line of credit. With this type of loan, you have access to a line of credit based on the percentage of equity you have in your home. Higher property values likely mean more equity for you in your home.
You can use a HELOC loans for anything you want! You are not limited to home improvements and can use the money for consolidating debt, paying off student loans or going on vacation. The possibilities are endless.
So how much can you borrow? Most HELOCs are capped at 80% of your total equity. To figure this amount take the amount of your home’s value and multiply by 80%. Then subtract off any amounts owed against your home as a first or second mortgage. The amount left is what you can likely borrow as a HELOC.
Ready to make it happen? Contact us and ask about HELOC options available. Make sure to ask about any fees including closing costs and annual fees for the HELOC.