The best foundation for financing big expenses could be your house. With a home equity line of credit (HELOC), Sharonview Federal Credit Union can help put you in a position to achieve important goals.
A home equity line of credit (HELOC) allows you to borrow against the equity in your primary residence. It gives you flexibility. Once the line is established, you choose when and how you will use it. As you pay down the principal, your available credit is replenished allowing you to borrow up to your credit limit during the draw period.
Many people use a HELOC to:
- Renovate or repair the home
- Consolidate debt at a lower interest rate
- Pay education expenses
- Cover life expenses like a wedding, vacations, or medical costs
- And for many other reasons, because you are not limited to a particular type of purchase