Is a HELOC right for me?

So many people ask “is a HELOC right for me?” A HELOC, or Home Equity Line of Credit, is like having a credit card tied to the value of your home. It lets you borrow money when you need it, based on the equity you’ve built up in your property. The best part? You only pay interest on what you actually use.

Think of it this way: Let’s say your home is worth $300,000, and you still owe $200,000 on your mortgage. That means you have $100,000 in equity. With a HELOC, a lender might let you borrow up to 85% of your home’s value, minus what you owe. In this example, that could be $55,000 ready for your projects or emergencies.

People love HELOCs because they’re flexible. You can use them to remodel your kitchen, cover unexpected expenses, or even invest in another property. Plus, during the “draw period,” you can borrow, pay it back, and borrow again—kind of like a revolving door of cash.

The key is to use it wisely. Borrow for things that improve your financial future or add value to your home, not just for quick fixes or vacations. In the end, a HELOC can be a powerful tool to unlock the value sitting in your home.

Contact Us Today! 

Is a home equity line of credit right for you? Contact us today to find out more, as well as other ways to use debt to your advantage.

Free Tools For You! 

We also have free tools available! HELOC payment calculator to see which option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you!