What is a HELOC?
A HELOC – pronounced “Hee-Lock” – is a Home Equity Line of Credit. You are borrowing against the value if your house (like a mortgage), but can access as much or as little of the amount you are approved for as need (like a credit card).
70% for Home Improvement
The majority of all HELOCs – 70% – are used for home improvement projects (according to a survey released by Citizens Bank in Rhode Island).
8.1% Equity Increase
Equity in their home has increased by 8.1% year over year for American Homeowners with mortgages, with an average gain of $9,700. (Source: CoreLogic). That means your home might have more value to borrow against than you thought.
$0 Closing Costs at Bowater Credit Union
Your Credit Union offers a HELOC with a 20-year term and no closing costs (some restrictions apply). Come by any of our five branches or call 336-7268 today to apply!