Now is a Great Time to Use Your Home Equity Line of Credit
You’ve gone through the entire process to get approval for your Home Equity Line of Credit (HELOC). Now what? For a lot of people, the HELOC’s number one purpose is for home improvement. If you want to put an addition on your house, spruce up a bathroom, renovate a kitchen, or install a new patio, your HELOC makes it all possible without any financial surprises. In fact, it’s the reason many people get a HELOC in the first place.
With a typical draw period of 10 years, however, some people forget that a HELOC can help with a variety of expenses over a course of years. With interest rates low like they are today, it can save you considerable amounts to use your HELOC for larger expenses in the short- and medium-term.
What else do people use their HELOCs for? In short, everything! These funds have no restrictions, meaning you can use them to:
- Pay down high-interest credit card debt
- Help with emergencies
- Pay for travel and vacations
- Pay for weddings
- Pay for college tuition
The best part is that whatever you want to do, the funds are already available and ready to use. To access your funds, you can transfer directly from your HELOC to another account or write a check.