If you have big expenses coming your way, A Home Equity Line of Credit (or HELOC) is a flexible, affordable solution. Once you’re approved for your Home Equity Line Of Credit, you can use it as you need it. You will have access to a flexible line of credit ready and waiting, whenever you decide the timing is right. An added bonus: unlike credit card debt, the interest on your HELOC is tax deductible*.
- Debt Consolidation – Carrying around high interest debt? In 2014, credit card debt per household was a whopping $7,154, according to the Nilson Report. A Home Equity Line of Credit may provide a lower interest rate, saving you money and improving your credit score at the same time.
- Home Repair – Investing in your home is typically a good investment, especially when it comes to focusing on the kitchen or bathroom. A HELOC provides access to money without a commitment to a certain amount. So while you may start out just wanting to put up new backsplash, you could also utilize your line of credit should you have an emergency, like your air conditioner faltering.
- College Tuition – Paying for education expenses is another great way to utilize your HELOC. Once your line of credit is open, you can withdraw to pay for any expenses you may find yourself responsible for.
- Dream Vacation – Many people use their HELOC to celebrate a special anniversary or birthday by traveling to a place they otherwise would never be able to afford.
- Unexpected Medical Expenses – This is a category we wish HELOC’s never had to be used for, but unfortunately it’s a very common reason. If your health falters unexpectedly, a HELOC can provide a cushion to help pay medical bills and living expenses until you are back on your feet and healthy.
For more information about Home Equity Lines of Credit, or to apply online, click HERE or stop by one of our branches.
*Annual Percentage Rate (APR) is variable and may change quarterly. APR will be based on the Prime rate as published in the Wall Street Journal and may vary according to combined loan to value and borrowers’ credit score. Interest rate reductions vary depending on the borrowers’ credit score. Your APR will never be less than 4.00% or exceed 21.00% or the maximum allowed by law. Property insurance is required at the member’s expense. Tax-deductible interest may vary based on your financial situation; consult your tax advisor. Minimum initial draw is $10,000 to receive discount rate. Property must be owner occupied and the property must be located in the state of Mississippi. Restrictions and limitations apply, call for details.