Are you hoping to take a much-needed vacation with the family, basking in the sun next to your dream pool, or even catching up on your summer reading in your new sunroom? Planning the summer of your dreams is easy. But funding the summer of your dreams may be a bit more difficult. However, your home could be the perfect financial option!
- Let Your Home Do All the Work
Is your home worth more than you paid for it? The difference between what it is worth and what you paid or currently owe is known as equity. And, you can borrow against this equity with a Home Equity Line of Credit (HELOC).
Review the Following Example to Understand Your Home’s Equity:
VALUE OF YOUR HOME: $250,000
AMOUNT OWED ON HOME: $200,000
EQUITY: $ 50,000
In the above example above, you owe $200,000 on your home, but it appraises at $250,000. This means you have $50,000 of equity in your home. You could borrow up to 100% of your equity. Other credit factors and lender limits are included in determining the available amount.
You will be able to use these funds to pay for some of those summer plans you have been dreaming about. Plus, if you use the equity to make improvements to your home, you could increase the value of your home even more.
- The Benefits of a HELOC
A HELOC is a flexible, revolving line of credit secured by your primary residence. With a HELOC, you control the ease of accessing funds when needed. As you pay back the amount borrowed, the amount of available credit is replenished. This allows you to have access to the funds as you need them. Take advantage of our HELOC promotion with no closing costs and low introductory rate of 0.99%.
With a HELOC, you have the flexibility to use your equity when and how you want.
– Home Improvements / Remodels
– Paying for a Well-Deserved Vacation
– Consolidating Debt
– Financing Your Child’s College Expenses
– Medical Expenses
– Reasonable Monthly Payments
The possibilities are endless. Plus, since HELOCs are secured loans, the interest rates are typically much lower than unsecured loans (i.e., Personal Loans or Credit Cards).
- Getting Started
For a LIMITED TIME ONLY, Magnolia FCU is offering a LOW INTRO RATE of 0.99% APR* & PAY NO CLOSING COSTS! If you’d like to learn more about Home Equity Lines of Credit or would like to apply for one, stop by any branch location, visit us online, or give us a call at 800-997-7919. Our Home Loan Experts are ready to help!
Each individual’s financial situation is unique, and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.