To help fight inflation, the Federal Reserve has raised interest rates twice already since March, recently by half a percentage point. It’s the biggest increase since 2000. With five more rate hikes planned this year alone, and inflation at a 40-year high, you might be questioning, what does that mean for you, your future, and your family’s future? How are you going to finance your dream wedding, a new addition to your home, or a summer vacation? If you’re a homeowner, a home equity line of credit, or HELOC, might be your answer. Camino is here to help you better understand if a HELOC is right for your financial needs.
A home equity line of credit, allows you to turn the equity in your home into funds that are available when you need them, for almost any reason. A HELOC can provide financial freedom and security. It’s one of the most significant benefits of being a homeowner with the ability to build equity over time. Now with increasing home values your home equity could have increased as well.
How Does a Home Equity Line of Credit [HELOC] work?
With a home equity line of credit, you receive very competitive interest rates. Because the loan is secured against the equity value of your home. A HELOC uses the difference between your home’s value and your mortgage balance as collateral, and provides a revolving source of money that can be accessed at any time. You’ve worked hard to build equity in your home. Now it’s time for your home to work hard for you.
What are the Benefits of a Home Equity Line of Credit?
- Enjoy the benefits of using the funds for almost any purpose.
- Receive flexible terms with competitively low rates and only pay interest on what you use.
- Take advantage of rising home values to leverage a larger equity cushion.
- Borrow up to your credit limit on what you choose, when it is best for you.
- Enjoy borrowing flexibility and repayment options with no need to reapply.
- Access funds conveniently Receive credit for up to 85% of equity in your home.
Is Now the Perfect Time for Your HELOC? Contact Camino today!
Let Camino help you with your financial journey and help you better understand the benefits of a home equity line of credit [HELOC]. We want our members to find the best option that works for them and their specific needs. Camino offers a variety of loans to ensure you receive the right support for your borrowing reason. Each loan comes with different terms that help determine what you’re most qualified for. Please go online at caminofcu.org, give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information.
At Camino, we’re helping to build bright financial futures through a combination of modern technology and community-aware service to our loyal members.
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