Are you thinking of buying a big ticket item or paying for a dream vacation? Have you contemplated doing a remodel, adding a greenhouse, pool, or making other substantial improvements to your home? Have you thought about how you will afford these things? The borrowing cost is becoming increasingly expensive as the Federal Reserve continues to raise rates. There has already been a total increase of 2.25% since March to help hold off inflation. With that in mind, as a homeowner, you might have the upper hand. All of these reasons could be great for why someone should get a home equity line of credit with Camino.
A home equity line of credit, or HELOC, turns the equity in your home into an ongoing source of cash to use whenever you want on practically anything you choose.
How does a Home Equity Line of Credit Work?
A home equity line of credit uses the difference between your home’s value and your mortgage balance as collateral, so you’re typically able to get a much lower interest rate that a credit card. It offers a big advantage to homeowners since the cost of borrowing has increased. 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 any time.
Additional home equity line of credit benefits:
- Funds are available for virtually any purpose.
HELOCs are popular because they give you extra cash for what you want, when you want it, with flexibility in borrowing and repayment. - Take advantage of rising home values to leverage a larger equity cushion.
In most areas home prices are increasing in value at the fastest pace in 15 years. With the year-over-year increase homeowners are enjoying, it could afford you a larger financial cushion available because of increased equity. - Borrow funds when needed with no need to reapply.
You receive a revolving line of credit that works similarly to a credit card. Your line of credit is replenished as you pay off your outstanding balance and typically lasts between 5 to 10 years. - Access funds as you like, easily online, by check, by phone, or in person. It’s your money; access it the way you choose. Whatever works best for you throughout your loan term, you have the flexibility to conveniently access it.
- Enjoy flexible terms with competitive 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 it the right time for your home to work hard for you when you need it the most?
Is now your time for a Home Equity Line of Credit? 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 lines of credit, 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.
NMLS 666196