Home Equity Lines of Credit: What Can They be Used for

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Home equity lines of credit

Is there something you’ve been dreaming of doing or purchasing? Perhaps you’ve been contemplating adding a pool, doing a remodel, or maybe you’re envisioning that next big adventure or even buying a big-ticket item you thought was out of reach. Camino is here to help with a  home equity line of credit (HELOC).

The Purpose for HELOC

To fulfill your needs, you might want to consider a home equity line of credit. A home equity line of credit, or HELOC, turns the equity in your home into a flow of cash to use whenever you choose. 

A home equity line of credit uses the difference between your home’s value and your mortgage balance as collateral, so interest rates are lower. Unlike a home equity loan that is paid in one lump sum, a home equity line of credit is a revolving source of funds that you can access at any time. 

Home Equity Line of Credit Benefits

  • You can take advantage of rising home values to leverage a larger equity cushion.

Home prices are increasing in value at the fastest pace in 15 years. With the skyrocketing year-over-year increase homeowners are enjoying, it affords you a larger financial cushion available because of your increased equity.

  • Funds are available for virtually any purpose.

HELOCs are so popular because it gives you extra cash to be used for almost any purpose.  

  • You can borrow funds when needed with no need to reapply.

You receive a revolving line of credit that works similarly like a credit card. Your line of credit is replenished as you pay off your outstanding balance and typically lasts between 5 to 10 years. 

  • You can access funds as you like, easily online, by check, by phone, or in person.

It’s your money; access it the way you want to. A HELOC is your loan, you have the flexibility to conveniently access your funds

  • You’ll enjoy flexible terms with competitively low rates and only pay interest on what you use.

Find out about these benefits and more. Ask a Camino Member Advisor what a home equity line of credit can do for you.

You’ve worked hard to build equity in your home. Isn’t now the time for your home to work hard for you? 

Is now your time for a HELOC? Contact Camino today!

At Camino, we’re always here to help our members find the best financing option that works for them and their specific needs. For more information about our home equity loan, contact us at (800) 835-3400 to speak with a Member Advisor, or visit us online today. We’re building bright financial futures through a combination of modern technology and community-aware service to our loyal members

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