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How Can You Use Your Home's Equity?10/1/2019

Remodel

Did you know that you can use a home equity loan in more ways than one? A Home Equity Line of Credit can be a great way to access quick cash when you need it most. At Health Advantage Credit Union, we offer many benefits with fixed HELOC rates as low as 5.75% APR*. CLICK to find out all of the details and advantages. Below are just a few ways in which you can use your home’s equity to your advantage!

Remodel: If your home is looking outdated maybe it’s time to change things up! Whether you need to replace a vanity or replace your whole kitchen you can do it. This could also be a great advantage if you are getting ready to sell your home. After remodeling, your home’s value should be higher and makes it more desirable for prospective buyers. Make sure you consult your real estate agent to make sure that changes you make will increase the value of your home.

Building Additions, Sheds, and Even Pools: If you are thinking you need a little bit more space, a Home Equity Line of Credit could get you just that. Whether you need an addition on your home to make a new master suite, a pool for the family or even a 'she shed' to get away from it all, Health Advantage Credit Union has you covered. Like a remodel, this too could potentially have impact on your home’s value so check with your realtor to make sure you will get out what you put into it!

Debt Consolidation: Having a lot of payments can get confusing to keep track of, even with automatic payments! With a Home Equity Line of Credit, you could bring that down to just one payment, which could be a great stress reliever. Another advantage of debt consolidation could be the percent of interest you are paying. Quite often the interest rate is lower since you have only one payment instead of multiple payments all with different interest percentages. Make sure this option is good for you financially first and make sure you can afford the payments before you tap into your home’s equity.

Pay for College: If you have researched all the options, terms and rates on student loans, scholarships and grants and aren’t sure if it’s the best option for you, try tapping into your home’s equity. Make sure you find out rate and terms just as you did for student loans but also make sure you can make the monthly payments. Check out both of your options of Health Advantage Credit Union’s student loans and Home Equity Line of Credit.

Use as an Emergency Fund: Many experts say that you should have an emergency fund to cover three to six months of living expenses. But, even with having an emergency fund some costs could be greater than expected such as medical or auto bills. If you get caught in this sticky situation you could use your home’s equity to help you out of a deep hole.

 

*APR = Annual Percentage Rate. Rates effective as of September 1, 2019 and may change at any time, based on the market. This Credit Union is federally-insured by the National Credit Union Administration. We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act.



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