HELOC Loans

If you’re considering a kitchen remodel or another big expense, you might want to look into a home equity line of credit, or HELOC.

This type of loan lets you tap into a considerable percentage of the equity you have in your home, which is the difference between its appraised value and any amount you still owe on your first mortgage.

A HELOC is a lot like a credit card, in that you can withdraw money whenever you need it, rather than getting a fixed lump sum. HELOCs, however, tend to have much lower interest rates, although these rates are often variable and can rise or fall over time.

When considering a HELOC, be sure to check with your financial institution about any upfront costs, such as an appraisal, application fee, title search, or attorney fees – and any fees that might be required during the life of the loan.

Between their flexibility, and generally low interest rates, a HELOC might be just what you need to start choosing those new kitchen cabinets!