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Unlocking the Mystery Behind a HELOC

Let’s clear up some confusion surrounding a HELOC. A HELOC is not a burglar-proof lock that you put on a safe to keep your valuables secure. Additionally, a HELOC is not a prehistoric monster that swims in a Scottish lake. And finally, a HELOC is not the name of an 80’s cartoon hero defending the secrets of a big gray castle. (HELOC VS HEMAN, anyone?)

Actually, HELOC stands for Home Equity Line of Credit, which is equity from your home that can be tapped into to fund big, ongoing projects. But maybe you’re still uncertain on how it can benefit your financial situation. That’s where we come in!

For example, let’s say you want to remodel your kitchen but know it’s going to take some time. Now, factor in other unexpected expenses that might happen during the renovation. (Busted pipe, broken tile, etc.) In this case, taking out a HELOC would be ideal since it offers a revolving credit line that can be accessed whenever you need it.

However, the amount that you are allowed to access is determined by a combination of factors, including your home’s value, what you’ve paid off and the lender’s allowance. (FYI, you can borrow up to $250,000 from UMe.)

The great thing about a big home renovation project is that it also can increase your home’s equity, which in turn increases your home’s overall value depending on the market. (That’s a huge plus if you’re looking to sell soon!)

If you don’t have the need for home renovations, then you can also use a HELOC to fund your child’s continuing education, consolidate debt or use it to pay for other big expenses. The choice is up to you.

Right now, UMe is offering a 2.99% 12-month introductory rate on a HELOC! We don’t like to brag, but that’s a pretty darn good rate. So if you’re ready to upgrade your own Castle Grayskull by tapping into its equity, then now is the time with UMe!

Call us today to get started! (818) 238-2900

Click here for more information about our HELOCs

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