The equity in your home can be leveraged to give you an open line of credit to buy whatever you need today, no matter if it’s a kitchen renovation or you want to pay for your child’s education.
How do you qualify? You must have available equity in your home, which means the amount you owe on your home must be less than the value of your home. How much you can borrow depends on how much equity your home has, among other qualifications like your credit and income.
A 20-year plan gives you 10 years to draw money, with payments based on a percentage of the balance — allowing you to keep cash available — and 10 years to repay.
Ready to get started? Contact us today
to learn more about if a HELOC is right for you.