A home equity loan or line of credit (HELOC) gives you access to funds based on the equity you’ve built in your home. Whether you’re planning ahead or facing an unexpected cost, your equity can provide the financial flexibility you need, at rates often lower than credit cards or personal loans.
A Home Equity Loan provides a lump sum of money, making it ideal for larger expenses such as:
Home renovations or upgrades
Consolidating debt into a single, fixed monthly payment
Large purchases like appliances or furniture
Education costs such as tuition
Medical bills or other planned major expenses
A HELOC offers revolving access to funds, which can be used as needed over time. Common uses include:
Managing expenses for ongoing home improvement projects or projects where the total costs might be unknown
Covering fluctuating education expenses
Maintaining a source of readily accessible funds for emergencies
Consolidating debt
Funding vacations or special life events as expenses arise