Did you know that the equity you’ve built in your home can actually be used as a line of credit to complete renovations to your home, consolidate debt, and much more? This line of credit, called a Home Equity Line of Credit (HELOC), is a great option for many homeowners.
A typical draw period for this type of loan is up to ten years, during which time you are able to borrow up to your limit and make interest only payments. The repayment period begins after the draw period ends, and you are then responsible for paying any remaining balance on the loan. This period is often up to 20 years.
Many homeowners find a HELOC to be an excellent option for completing much needed renovations, additions or updates to their home. It can also be useful for consolidating other forms of debt you may have. If you think a HELOC may be a good solution for you, our lenders would love to discuss your options with you and help you build a plan for success!