Take advantage of high home values

How long have you been in your home? Chances are if it’s been greater than a few years, you’ve more than likely built up some equity. The question is, what will you do with it? Will you leave it untouched or take advantage of the benefits that come with using your home’s equity to pay for important projects or expenses. Here are some things you can do as a homeowner using a Home Equity Line of Credit (HELOC).

Pay off debt

Do you have several credit cards with high balances and high monthly payments? A HELOC may be a good way to consolidate your debt so that you’ll have one payment with an interest rate that will likely be lower than many credit cards. Using your equity to consolidate debt is a wise move if you are able to keep these credit card debts from growing again.

Invest in a home improvement project

Depending on how much equity is in your property, you may be able to use a HELOC to payment for home improvements that will increase the value of your home. What’s the one room in your home that needs a makeover? Does the kitchen need a modern-day upgrade? Does your deck need to be redone? Is it time for a new roof or repainting of your exterior? A HELOC can help you pay for these home improvements.

Paying for a major expense

Other uses for a HELOC include paying for a major expense such as a wedding, college tuition or something similar. There are many factors to consider when using your equity in this manner. They include whether you can afford the HELOC monthly payments after you’ve drawn on your equity account and if you’re considering selling your home in the near future.

Ready to see how much equity your home has? Our Real Estate department can help you through our HELOC loan application process. Visit our website at www.traviscu.org/home-equity to fill out an application to see if you qualify for a Home Equity Line of Credit today!

Home Equity