Are you considering getting a home equity line of credit, HELOC? If so, keep reading because we’re sharing some tips on how you can unlock the equity in your home at a low rate. Whether you’re making home improvements, financing a life event, or consolidating debt, you want to secure the lowest interest rate possible to help you save on the amount you borrow. Here’s how to get the best HELOC rate. Keep Up Your Credit Score As with any time you borrow money, your credit score will significantly impact your ability to qualify and the rate that lenders offer. You can use your HELOC funds for just about anything,… read more »
Archive for the ‘Home Equity’ Category
Home Equity Loans – What Are They and How To Qualify?
Most of us know there are many advantages associated with being a homeowner, including the ability to access the equity in your home through a home equity loan. Of course, being a homeowner doesn’t automatically qualify you for this type of loan. You must have a certain percentage of equity, plus the income and credit to support the loan. This article will walk you through what a home equity loan is, discuss the pros and cons, and outline what you may need to qualify for a home equity loan. What Is a Home Equity Loan? A home equity loan is a loan you take out against the equity in your… read more »
The Housing Market & Your Home Equity
Home prices are rising across the U.S. along with interest rates and the cost of living. But it’s not all bad news. When the market value of your home increases, the amount of home equity you have goes up with it. You can then use your home equity to fund improvements (or anything else!), which will increase the value of your home even more. Read on to find out everything you need to know about the current housing market and how it impacts your home equity. What Is Home Equity? Home equity is the difference between what your home is currently worth and what you owe on your mortgage. Here’s… read more »
Can I Refinance My Home Equity Loan?
Can I refinance my home equity loan? Many homeowners wonder if refinancing an existing home equity loan or line of credit is a good idea. Let’s look at why you might want to refinance your existing loan and how to go about doing it. Double Dip: Can I Refinance My Home Equity Loan? Your home is your most valuable investment and many property owners leverage that value with a home loan or line of credit. Changes in the property market and your personal financial situation might have you wondering if it is possible—and smart—to refinance your existing loan. Why Refinance? While there’s theoretically no limit to the number of times… read more »
What’s the Best Way to Use a Home Equity Loan?
Q: With interest rates falling and home prices rising, it seems like a great time to tap into my home’s equity using a home equity loan. What’s the best way to use these funds? A: A home equity loan can be a fantastic way to source extra funds during a falling-rates environment. Tapping into your home’s equity, or the positive difference between what is owed on a home and its current value, will give you the funds you need for a large expense with no additional strings attached. With interest rates on a Belco Community CU Home Equity Loan starting at just 3.49% APR*, the repayment plan is always affordable. If… read more »
First Time Home Buyer Guide
Purchasing your first home can feel like a rite of passage. It’s a part of the American dream that you might have always imagined as part of your future, so once you’re ready to make it a reality, you want to do it right. There’s a lot that goes into buying a home, whether it’s your first, or you just haven’t owned a home in a while, but having the best resources and information will help you have a successful experience. You can use this First Time Home Buyer Guide to help you through the process of purchasing your first home. Who is a First Time Home Buyer? When you… read more »
When Is a Home Equity Loan a Good Idea
As you pay off your home loan, you’ll build equity in your home. Equity is the value of your home that’s considered to be debt-free, or already paid for, and it can be used as collateral against a loan if you need it. A home equity loan is one way to use the equity you’ve worked hard to build up to meet pressing financial needs. When A Home Equity Loan Makes Sense A home equity loan can be a great way to handle sudden expenses and meet other financial needs, but it needs to be used wisely. After all, you’re putting your home on the line when you borrow against… read more »
HELOC vs. Home Equity Loan: Which Is Right for You?
If you’ve been making payments on your mortgage, you have likely built up equity in your home. Not only does that mean you’ve paid off a portion of your house, but the equity may also be used as a resource when you need it. There are two ways to use your home’s equity to your advantage: Getting a home equity line of credit, or HELOC Borrowing a home equity loan But which one is best for you? To start, it depends on your unique situation and your goals. HELOC vs. Home Equity Loan Comparison In order to understand the differences, along with the pros and cons of each, let’s compare… read more »