A HELOC is there when you need it!
A home equity line of credit (HELOC) is a line of credit that uses your home as collateral. It’s a revolving line of credit with a variable interest rate, rather than a closed-end loan. HELOCs are often used for financing large purchases, in part because the interest paid may be tax–deductible.
Based on the value of your home, you can apply for a certain credit line—the maximum borrowed amount that can be outstanding at any one time. Once approved for a HELOC, you can draw from it whenever you want. That’s why it’s so flexible! You use it when you need it. Here are a few reasons you might decide to use your HELOC:
1. DIY Home Improvement. Do you have a growing list of projects you’ve just been waiting to tackle? Do-it-yourself projects often have an extended timeline, so drawing on your HELOC means you can buy the materials you need as you use them.
2. College Tuition, Books, and Other Expenses. HELOCs are a low interest alternative to other education loan options. With a HELOC, you have the flexibility of covering college expenses as they pop up, whether you or your child picked up another class or need to get a new textbook.
Using your existing HELOC
The easiest way to use your HELOC is to log into digital banking and transfer money from your HELOC to your checking account! Don’t have a checking account? You’re missing out on cash rewards. Click here to learn more about Cashback Checking.
If you don’t want to earn cash with Cashback Checking, visit your nearest Centra location. A Team Member can help you withdraw money from your HELOC or help you get checks for it.
Applying for a HELOC
Your home is your biggest asset, so of course you want to protect it. If you don’t have a HELOC yet, click here to get started today! We can help you navigate through your questions during the process. You can do it, and we can help!