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Your house is your home, but it’s more than a place to live. It’s a major investment that has value, and that value can help you reach financial goals. 

By borrowing against the equity you have in your home with a HELOC (Home Equity Line of Credit), you can access funds for a variety of purposes; often, at far lower interest rates than you’d pay using a credit card or taking out other types of loans. 

Unlike refinancing your existing mortgage, a HELOC offers you the flexibility of a revolving line of credit.

How much you money you can access is determined by the current equity you have in your house and your credit history.  

When to Use a HELOC

Home Improvements

Because you can pay as you go, HELOCs offer an appealing, easy way to pay a series of recurring costs, like those you might incur during a small home renovation project. 

Growing Debts

They’re also handy for tackling debts that need to be paid quickly so they don’t get larger, such as an escalating credit card bill.

Emergency Costs

Because the funds are readily available but you don’t have to pay interest until you draw against the credit line, HELOCs are extremely flexible, letting you use the credit as needed and making them a smart way to cover emergency expenses, like unexpected medical bills.

HELOCs can carry some risks. They’re usually not the best option for simply getting a hold of some extra spending money.