Home Equity Loans and Home Equity Lines of Credit (HELOC), offer you a way to borrow money by utilizing the equity in your home as collateral. These types of loans can provide you with a sensible option for financing various projects or situations, such as the following:
- Home renovations
- Debt consolidation
- Education (College) expenses
- Medical expenses
What is Home Equity?
Home Equity is the difference between the amount you owe on your mortgage and what the home is currently worth. Your amount of home equity typically grows over time as you make payments and with the potential for the value of your home to increase.
What is the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?
A Home Equity Loan, sometimes referred to as a "Second Mortgage", allows you to borrow a lump sum against your current home equity. A Home Equity Line of Credit (HELOC) is a revolving line of credit which allows you to borrow up to a certain approved credit limit over time while paying off the balance.
Benefits of using a Home Equity Loan or HELOC include:
- Typically offer lower interest rates than your standard credit card or personal loans.
- May offer potential tax advantages.
If you would like to learn more about LLCU Home Equity Loans or Home Equity Lines of Credit (HELOC), call or email today to speak to an LLCU Mortgage Loan Officer.
CALL: 1-844-222-7788
EMAIL: llcu@llcu.org
*Confidential information should not be shared via telephone or email. Please consult a tax adviser regarding the deductibility of interest and charges.
NMLS ID: 412587