Tap into your Home’s Increased Value with a Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) might be a good way for you to access money to pay off loans or for other large purchases. If you own your home and are in need of a loan, a home equity line of credit allows you to tap into the value of your home and get cash for any number of reasons.

With home values up, and mortgage interests rates increasing, a HELOC can be a lifesaver.

Here's what a recent customer wrote about the Home Equity Line of Credit we got for them.

"You are a life saver. We must have been one of your first callers after reading you were now doing home equity lines of credit. We paid our daughter’s college tuition and we decided to pay off a credit card off and the balance of my car loan. What a weight off our shoulders. Thank you for coming to our rescue once again!"

What is Home Equity Line of Credit?

A HELOC functions similarly to a loan, where your home serves as the collateral. It's vital that you fully understand how a HELOC works and that you can make the required monthly payments.

Don't worry, we'll only recommend a HELOC if it's right for you. We'll work with you to understand your financial situation and get you a loan that makes sense for you.

Don't agonize another day - find out if a HELOC is right for you.

How do I apply for a HELOC?

The easiest way to get started with a HELOC is to get in touch with us giving us a call at (800) 822-7482, by email at joe@righttracfg.com, or just use the form below.

We will provide you with honest and helpful advice and will let you know if a Home Equity Line of Credit is the right option for you. Many home owners are finding that a HELOC is a great way to access cash without refinancing.

What can you use a HELOC for?

You can use the line of credit for just about any reason.

• Make home improvements
• Pay of high-interest credit card debt
• Larger purchases or repairs
• Pay for college
• Or any other reason you need money

Take advantage of the increased value of your home.

Get in touch with us today to learn if a home equity loan is right for you.

HELOC for Home Improvement

If you have built up equity in your home, a Home Equity Line of Credit (HELOC) home improvement loan can be a good choice to finance renovations or repairs. Because you are using your home as collateral, lenders are more willing to lend you money at reasonable rates. But that also means that if you can’t pay the loan back, your home could be foreclosed on.

In essence, with a HELOC rehab loan you are borrowing against the value of your home - you are using the equity you’ve built up by paying your mortgage on your home as collateral to the lender. You get a line of credit with a maximum amount (as opposed to a loan lump sum), and you tap that credit line as you make repairs.

One of the benefits of a home equity credit line for home improvements is that the interest rate will often be lower than you would otherwise receive on a loan. Because the lender can always recoup any losses by foreclosing on your home should you stop making payments, they accept a lower interest rate than they would if there was no collateral.

Another benefit of a home equity credit line for home improvement is that you can often deduct the interest you pay on a home equity line of credit for tax purposes. There are important criteria for deducting HELOC from your taxes, so make sure you consult Right Trac Financial or another professional.

With a HELOC Your home is collateral
While there are benefits to a HELOC, the most important aspect of a HELOC home improvement loan to keep in mind is that your home is the collateral. If an unexpected financial hardship occurs and you are unable to make payments, your home could be foreclosed on. You should only borrow the money you can repay.

While a HELOC Home improvement loan can be a good choice to finance home repairs, they are not suited for all situations. That’s why you need an experienced professional like the Right Trac team on your side.

Contact us today to learn more about borrowing on your mortgage for home improvements through a HELOC

Home Equity Loan for Home Improvements

Unlike a HELOC where you get a line of credit with a maximum dollar value that you may or may not reach a home improvement equity loan is for a set dollar amount. The loan dollar amount is deposited in your account, and you use a home equity loan to pay for home improvements like rehabilitation, remodeling, additions - or anything else.

A home equity loan for home improvements could be a good choice if you have a solid understanding of your building costs.

Like a HELOC, when you secure a home equity loan you are using your home as collateral. That means that if you are unable to make payments, your home could be foreclosed on.

Get in touch today to learn if a home equity line of credit makes sense for you.