“Expect the unexpected” could be the mantra of any homeowner. From a leaky roof to a blown water heater to a crack in the foundation, owning a home can come with a host of potential projects and pitfalls. On the flip side, many homeowners check one home improvement project off the list only to get the itch to start the next one. And, over the years of home ownership, many people find themselves in a position of wanting or needed to borrow against the equity in what is typically their most valuable asset.
No matter if the need to access funds is for fun or out of necessity, a
home equity line of credit (HELOC) is one of the most common and easiest ways to convert your home’s value into cash. By establishing a HELOC now, you’re prepared and ready to leverage your equity.
In fact, many customers have told us that their financial stress level is lower because they know they have an immediate source of money to access immediately when a need arises. By opening a home equity line of credit today, you can breathe a sigh of relief knowing you can meet your financial needs or wants – whether planned or unexpected.
Here are five factors to consider about opening a HELOC today:
- Home values are favorable. In many communities, the value of homes increased significantly the past several years. Depending on how much you owe on your mortgage, you may have more equity to tap into than you might think.
- A HELOC can function like a savings account. In essence, a HELOC serves as a rainy day fund, available at your fingertips for emergencies or surprise expenses – which offers you an increased sense of security and peace of mind.
- Funds are right at your fingertips. Just like your North Shore Bank checking or savings accounts, funds are immediately available when you need them. Your money gets where you need it to be with just a couple of clicks or a quick phone call.
- Interest rates on HELOCs may be lower than other financial options. If you carry balances on credit cards from month to month, consolidating that debt into a HELOC can lessen the amount of interest you pay, help pay off debts faster and keep more cash in your pocket.
- Dream big with the freedom and flexibility offered by a HELOC. A line of credit doesn’t have to be only for unexpected purchases. It can be used to make improvements to increase the value of your home, to finance college for your children, to cover your bucket list vacation or anything else you choose. In short, a HELOC can offer a source of funds to attain your dreams.
Life is busy. Home ownership is a big commitment. A HELOC can help you get the best out of both. Get in touch today so we can tell you more about how a
North Shore Bank HELOC can benefit you and your family. Our team members are always happy to discuss your individual needs and goals and answer your questions by telephone, email or at any
branch office.