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Get the Most From Your Home
Dreams can come true. You can pay for your child's college education, renovate your house, or just about anything else using the equity in your home.
In fact, if you’ve lived in your home for a few years, you’ve done yourself a huge favor. With each payment, you own a little bit more of your home and your equity increases. You then have more equity to borrow when you need it.
What is a Home Equity Line of Credit?
A Better Banks Home Equity Line of Credit (HELOC) is a line of credit secured by your home that gives you a revolving credit line to help you get the cash you need for a variety of uses. A HELOC often has a lower interest rate than some other common types of loans.
It’s a smarter way to borrow money. As you repay your outstanding balance, the amount of available credit is replenished and you can borrow against it again as needed.
How can I use the money from a HELOC?
Here are several ways HELOCs are commonly used by homeowners.
- Improve and upgrade your home through additions, repairs and renovations.
- Access lower interest rates on credit that other types of borrowing don’t offer, like credit cards, car loans and private student loans.
- Consolidate your debt and use the funds to pay-off high end credit cards and other loans.
- Help bridge the costs of higher education by borrowing money to make tuition payments and avoid high interest student loans.
How can I qualify for a HELOC?
You may qualify for up to 90% of the value of your home minus the amount you owe. Our lenders will also look at your credit score and history, employment history, monthly income and monthly debts, just as they would for a new mortgage.
What are the benefits of a HELOC?
- Funds available in a lump sum or borrow as needed
- Competitive rates
- Fixed and variable terms
A HELOC can be a great way to make improvements, consolidate debt or help pay for college. Our lenders will be happy to meet with you to discuss all of your options available.