Why Is Right Now The Perfect Time For A HELOC?
If you follow the real estate market at all, you know that rates are down and home values are up. If you’re not planning on moving any time soon, a Home Equity Line of Credit (HELOC) is a great way to take advantage of both the growing value of your home as well as these historically low interest rates. Here are a few ways that members are putting our Home Equity offerings to work for them.
Looking to pay down higher interest loans or credit cards? Using the equity in your home to consolidate that debt is a great way to put some money back in your pocket with a lower monthly payment and give your budget some long-term flexibility by paying less in interest.
Save It For A Rainy Day
Many of our members have told us that the pandemic has caused them to re-evaluate how they save. With our interest-only HELOC product, the value built up in your home can serve as an emergency savings fund, giving you the peace of mind that you and your family already have a resource in place should the unexpected occur.
HELOCs are commonly used for large-scale renovations, like a new roof or room addition. But as we’ve been spending all this time at home, perhaps you have found some areas in need of improvements or other projects that are more pressing, but not quite as big. It could be the right time to get those projects done while rates are so attractive.
Preparing Your Home for Sale*
We mentioned that the housing market has been booming and now is a great time to sell. Making smart choices when preparing your home for sale could greatly improve your profit margin. Should you replace your carpets or update your appliances? Be sure to ask your real estate agent if these upgrades or fixes would be worth the effort. And when all of that is taken care of, let’s discuss getting pre-approved to purchase your new home.
*Please note: homes cannot be currently listed for sale when applying for a HELOC.
Invest in Other Real Estate
If you’ve been considering a second home or rental property, using the equity from your current home can be an excellent way to make the most of your assets and invest in other real estate. With these low rates, the ability to make this type of investment now can potentially save you thousands later.
These are just a few of the many ways a Home Equity Line of Credit can help you towards your goals and provide some financial relief. Give us a call at 804-274-1200 or visit a branch today to learn more or get started.
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