For homeowners, years of soaring housing prices have likely made a positive impact on their home’s equity. However, according to Yahoo Finance, only 17 percent of the public thinks it’s currently a good time to buy. If you aren’t using your untapped equity toward the purchase of a new home, what else could you do with it?
Homeowners are increasingly taking advantage of the levels of tappable home equity. Home equity lines-of-credit and home equity loans have grown at unprecedented levels, according to TransUnion.
As the price of everyday life continues to increase, your home’s equity could be a source for much needed financial support. While a HELOC is often thought of as a financing tool for home improvements or renovations, the options go far beyond that.
From paying down higher interest rate debt to college costs, big-ticket items, unexpected expenses or even simply to improve your financial picture, a HELOC provides a flexible financial solution. With an open-ended, revolving credit line based on the equity you have in your home, you could spend as you go over a period of time. Plus, you could make interest-only payments during the draw period, leaving room for all of life’s surprises.
What could you achieve using your home’s equity?
Vantage Credit Union Home Equity Loans and Home Equity Lines-of-Credit are valid on Missouri and Illinois property only.