Are you looking for a way to finance your home improvement projects, consolidate your debt, or pay for your child's education? If you have equity in your home, you may be eligible for a Home Equity Line of Credit (HELOC).
A HELOC is a revolving credit line that allows you to borrow against the value of your home. Unlike a home equity loan, which gives you a lump sum of money, a HELOC lets you access funds as you need them, up to a certain limit. You only pay interest on the amount you use, and you can repay and reuse your credit line as often as you want.
A HELOC can offer you many benefits, such as:
HELOCs typically have lower interest rates than credit cards or personal loans, which can save you money in the long run.
You can use your HELOC for any purpose, such as home renovations, debt consolidation, education expenses, medical bills, or even a vacation. You can also choose how much to borrow and when to repay, depending on your needs and budget.
Depending on your situation, the interest you pay on your HELOC may be tax deductible. Consult your tax advisor for more details.
To apply for a HELOC, you will need to meet certain requirements, such as:
Having enough equity in your home:
The amount of equity you have is the difference between the value of your home and the amount you owe on your mortgage. Most lenders will require you to have at least 15% to 20% equity in your home to qualify for a HELOC.
Having a good credit score:
Your credit score is a measure of your creditworthiness and ability to repay your debts. Most lenders will look for a credit score of at least 620 to approve you for a HELOC.
Having a stable income:
Your income is another factor that lenders will consider when evaluating your application. You will need to provide proof of income, such as pay stubs, tax returns, or bank statements, to show that you can afford the monthly payments on your HELOC.
If you think a HELOC is right for you, don't wait any longer. Apply today and get access to the funds you need to achieve your goals. Contact us today to learn more about our HELOC options and rates. We are here to help you make the best decision for your financial future.
Laura H. & Christopher M.
We were initially denied by a lender and when our possibilities were limited, Mr. Krauss helped us achieve our dream of getting a model home. My husband is a Veteran and he informed us of discounts and grants that we were not aware of.
I was well informed every step of the way never left me guessing all ways their when I had a question all ways very professional and respectful I had a pleasant experience.
Consistent communication and being able to trust the process. Richard closed my purchase after it was denied by another lender due to my low credit.
Richard's quick response to any issue or questions I may have had. And his expertise in getting it all handled quickly. I am Self Employed, he was able to close the loan before the due date.
Richard has successfully completed several refi’s for us which is why we brought our latest refi need to him. Our communication was excellent and our current refi went smoothly.
Richard was able to close my VA Purchase ahead of time with a low credit score of 520. His expertise overcame every hurdle within the process.
Richard took the time to help a homeless disabled Veteran into a new home. No one would help except for him. He explained how to qualify and executed my purchase ahead of schedule with the builder!
I was in an active Chapter 13 Bankruptcy, Richard was able to contact the court for approval and assist with my new purchase. He then provided me with the SAH Grant information for disabled Veterans and helped with my disabilities in the new home.
Richard is my old high school friend. We both served in the military, and he was able to explain how I can purchase with a lower credit score. My family has a beautiful home and we are able to start our next chapter!
Richard executed a Cash Out refi to purchase an investment property. The loan was approved withing 5 Days. Extremely quick turn around and awesome communication. He always answered my questions.