If you’re a homeowner, you may be happy to learn you have a unique tool in your financial toolbox, a Home Equity Line of Credit, or HELOC. A HELOC allows you to borrow from your home’s value at a competitive interest rate, with access to a line of credit. This credit can be used for anything – remodeling, medical bills, or a backup emergency fund.
HELOC
Home Equity Loan or HELOC?
Home values hit new heights in 2021. In October, the CoreLogic Home Price Index1 recorded the highest increase in its 45-year history of tracking annual home price growth in the U.S. This sharp uptick in market values gives homeowners an opportunity to access a sizeable amount of equity now, instead of waiting years to pay down mortgage principal balances.
Is a HELOC a Smart Borrowing Option?
Throughout your life, you’ll need money to pay for things like home improvements, medical bills or other unexpected expenses.