Do you have high-interest debt or need some cash for unplanned emergencies? If you have equity in your home, a HELOC may be a good choice.
What is a HELOC?
A home equity line of credit (HELOC) is a loan that allows you to borrow, spend, and repay as you go, using your home as collateral. Typically, you can borrow up to a specified percentage of your equity. Equity is the value of your home minus the amount you owe on your mortgage.
A HELOC doesn’t impact your current mortgage. So, if you have a low rate on your primary mortgage, you can keep that loan, and simply add a HELOC in a second position. HELOCs typically have adjustable interest rates, but at Lift Home Lending, we offer some fixed HELOC options too!
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.
