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Your Home Equity Line of Credit (HELOC) is the right choice for your remodeling and home improvement projects. It comes with the tools to manage your project with the least cost and maximum return.
How Does a HELOC work?
Simply advance yourself funds by writing a check. You will pay interest only on the amount you borrow, which may be later deducted from your taxes if you qualify. Consult your tax advisor for information.
You can use your home equity line whenever you need. It's like becoming your own banker. Simply advance the funds you need, when you need, as you need.
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How Can I Use My HELOC for Home Remodeling?
- Expand your kitchen
- Upgrade your bathroom
- Landscape your yard
- Build a room in your attic
- Extend your storage area
- Put in a swimming pool
- Redecorate the family room
Or you can use your home equity line of credit for any other home remodeling project that you can dream up. In fact, you can also use your HELOC for any other emergency, such as tuition payments or debt consolidation.
How Do I use my HELOC for maximum benefit?
- Start with an approved home equity line account from a lending institution.
- Transfer an advance from your equity line account to your bank checking account.
- Now use your bank checking account to write unlimited checks for any amount:
- Pay contractors
- Buy supplies
- Place an advance on your renovation project
- Shop for a new bedroom suite
What Are the Benefits to Opening a HELOC?
There are a number of benefits to utilizing a home equity loan of credit:
- Your home equity line of credit is easy to use. You simply write a check just like you do from any other bank account.
- You will not be restricted by the number of times that you can access your equity line account since one advance will be placed into a bank account with unlimited check writing privileges.
- By using your bank checking account, you can write checks for as little as $1. This gets around some equity line restrictions that require minimum draw amounts.