The pandemic may have restricted the way many of us lived, but it pushed the housing market beyond historic boundaries. Now those same homes we were stuck in during quarantine are worth more than ever before, making home equity lines of credit even more attractive.
Median home prices have skyrocketed since the onset of the pandemic. That puts homeowners in a now-more-than-ever type situation when it comes to using your home's equity to get things you want or need.
Consolidate Debt
If you've got multiple sources of debt with various interest rates, here's your chance to put them all together under one APR. This simplifies your bills and could potentially save you a ton of money.
Make Home Improvements
If you've been putting off that bathroom or kitchen remodel, now's the time to revamp your space. Using a HELOC is a great opportunity to knock a few home improvements off a list that's likely been growing since you were spending more time in your house.
Send the Kids to College
If you've been struggling with how to fund a college education, a HELOC might be one pathway to finance at least a few semesters. HELOCs come with decent credit limits to help you get intimidating tasks like getting the kid(s) off to college.
Pad the Emergency Fund
If you're sweating the next home emergency due to lack of savings, a home equity line of credit is one way to help you relax when it comes to prospects of tanking water heaters, AC that goes caput, or leaky roofs. Grab that HELOC and be well prepared for just about anything.
Imagine all the things your home can do for you – especially now. Debt, home upgrades, school, or even recovering from emergencies, a home equity line of credit or fixed rate home equity loan can make those things – and many more – happen.
