After the last year, we’ve all spent a lot more time at home. It’s become an office, a school, and in many cases, a work in progress. Did you know that it could also be a great source for much needed financial support to pay for renovations, college costs, big-ticket items, unexpected expenses or even simply to improve your financial picture?
Why use your home’s equity?
As your home’s value increases and you pay down the principal, your equity (the difference between what the home is worth and how much is still owed on your mortgage) grows. And you could borrow up to 100% of that equity.
Thanks to the recent rise in home prices and current interest rates, now’s the time to consider utilizing your home’s equity. It could be a convenient, cost-effective way to borrow at favorable interest rates in order to pay for home repairs or debt consolidation, rather than high interest credit cards or personal loans. However, the right type of loan depends on your specific needs and how you plan to use the money.
If you prefer to spend as you go over a period of time and want the flexibility for all of life’s surprises, a Home Equity Line-of-Credit (HELOC) with interest only payments during the draw period, may be right for you. But if you’re looking for a fixed monthly payment and a large sum of cash up front, a Home Equity Loan could be a better option.
What could you do with a Vantage Home Equity Loan or Line-of-Credit?
Even during a pandemic, life continues. Kids are still going to college, home repairs seem to never end, and unexpected adventures await. Choosing whether to take out a home equity loan or HELOC depends on your financial goals and preferences. Schedule an appointment with one of our Financial Coaches to help determine which is right for you! Or, go ahead and start the application, and let us know if you have any questions!
Get the Funds You Need From the Equity You’ve Built!
Vantage Credit Union Home Equity Loans and Home Equity Lines-of-Credit are valid on Missouri and Illinois property only.