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).
Want to learn more HELOC facts? Keep reading below . . .
70% are use for Home Improvements
The majority of all HELOCs – 70% – are used for home improvement projects (according to a survey released by Citizens Bank in Rhode Island).
16.2% Equity Increase in Homes Year Over Year
A report by CoreLogic shows report shows U.S. homeowners with mortgages (which account for roughly 62% of all properties) have seen their equity increase by 16.2% year over year, representing a collective equity gain of over $1.5 trillion, and an average gain of $26,300 per homeowner, since the fourth quarter of 2019.
That means you have more equity in your home this year than you did last year, or the year before, even more than just what you’ve paid down on any mortgage!
$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). Apply online day or night and you’ll be contacted by a HELOC expert.