Want to tap into the equity in your home? A HELOC may be the right product for you.
A home equity line of credit, or HELOC, is a revolving credit line for a preapproved amount. This option is in addition to your existing mortgage, if applicable, and allows you to access the funds when you need them.
As with traditional mortgages, mortgage brokers can often offer the best deals on home equity loans because of their relationships with multiple lenders.
Reasons to consider a home equity line of credit:
- Draw on your credit line whenever you need it: Don’t pay interest on money you don’t need.
- Use the funds how you need them: You could pay off those higher-interest debts by consolidating with a lower rate, or make home improvements to build even more equity in your home.
- Lower closing costs: HELOCs generally do not involve points to obtain a low rate, and closing costs tend to be lower than those of refinances.
How to choose the right product for you?
We offer information on a variety of mortgage rates and options. When you are ready to take the next step, contact Good Day Financial, LLC. We can advise you on which mortgage program meets your needs.
