6 Good Reasons to Get a Home Equity Line of Credit
We have all had the stress of having to come up with money seemingly out of thin air. But credit cards and loans from family may not always be the most attractive option. If you are a homeowner, there may be options with a HELOC.
So, What Exactly Is a HELOC?
A Home Equity Line of Credit (HELOC) lets you use the equity in your home to get the cash you need. Most of the time, people use a HELOC for home improvements–a new roof or a kitchen remodel–but some credit unions offer new, flexible HELOC plan that lets you borrow against your home’s equity to pay for just about anything.
A Salt Lake City home equity line of credit lets you borrow money using your home as collateral. The appraised value of your home will determine how much credit you can get. Some flexible Salt Lake City home equity loans offer the flexibility of a credit line combined with the security of a fixed-rate loan—all in one.
How Does a Utah HELOC Work?
Once approved, you can borrow up to your credit limit whenever you want. With some Utah HELOC programs, you can borrow up to 125% of the appraised value of your home for home improvements and up to 100% for any other major expenses. You can use your HELOC account just like a bank account, by writing a check or using a credit card. Some credit unions offer variable and fixed-rate options and no origination costs or fees. There may also be interest-only payment options.
6 Good Reasons to Get a HELOC
You can use a Utah HELOC as a loan or line of credit that will give you the ability to finance a wide range of personal expenses. You may be surprised to learn that some HELOC programs let you use the money to pay for
2. Medical Bills
3. School Tuition
5. A Special Event like a Wedding
6. Debt Consolidation
These aren’t the only things you can pay for. Anytime you need additional cash for unexpected expenses or emergencies, you can tap into your HELOC to get the money you need.
How Do I Get a HELOC?
You will want to find a Salt Lake City HELOC that offers you the most flexibility. One Salt Lake City credit union, Utah First Credit Union, is offering a great program with the option to use your home’s equity just about any way you wish. Check out their page to see what makes this HELOC so flexible.