If you have a good amount of equity built in your home, you can establish a home equity line of credit as an alternative to a term loan. With a HELOC, you are pre-approved for a revolving credit line that you can access as needed.
Once approved you can reuse it without having to apply again. You only pay interest on the amount you use, and the interest may even be tax deductible.*
- Great for large purchases or unexpected expenses
- Affordable alternative to high-interest credit cards
- Only pay interest on what you use
- Re-access as needed without re-applying
- Competitive rates
- Interest may be tax deductible*
- Local decision-making
- Amount approved is based on current value of home, less any outstanding principal loan balance
- Consumer Lenders
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*Consult your tax advisor.