Homeowners who have equity in their home can use it as revolving credit and borrow against it when they use a Home Equity Line of Credit, 也被称为HELOC. It’s easy to get a HELOC and can come in handy when you need quick access to funds at a favorable interest rate.
What is Home Equity?
Home equity is the current market value of your home minus the amount you owe on it. For example, 假设你的房子评估价值是200美元,000 and you have $80,你还欠抵押贷款. 在这种情况下,你有12万美元的房屋净值(20万到8万美元). 不知道你的房子值多少钱? 当你在Arbor Financial申请HELOC时, the application process will include a home valuation which will tell you what the approximate current market value of your home is.

At Arbor Financial, you can have a line of credit using the equity in your home starting at $10,000英镑作为抵押借款, 类似于信用卡, 只是利率比信用卡低得多. 你可以随时从你的HELOC预支, 而且对你如何花钱也没有限制!
1. 支付房屋改善费用.
HELOC最受欢迎的用途之一是家庭装修, and those that increase the value of your home make using your HELOC well worth it. Just be mindful of what will actually increase your home's value and what projects may not. New paint, carpet, and kitchen improvements are all projects that typically yield increased value, 然而,一个新的池可能不会. Or, maybe you plan on staying in the house for a while and simply wish to make it more comfortable and attractive by purchasing new furniture.

2. 还清信用卡或其他高息债务.
债务合并是房屋净值的另一个常见用途. 如果你有信用卡债务, then you are most likely paying two or three times the interest than you would with a HELOC. According to a WalletHub study, as of July 2021, the average interest rates on credit cards range from 14.61% - 18.04%. 将你的信用卡债务转到HELOC可以为你节省数百美元, 如果不是几千美元的话, in interest.

在使用HELOC进行债务合并时,您也必须谨慎. Having a solid debt consolidation plan and sticking with it is the key here. Assess why you have so much credit card debt and how you will avoid adding to your debt.

3. Pay for education.
Using your HELOC to help pay for education is an alternate to student loans. 在动用你的房屋资产之前, 评估你所有的贷款选择来帮助支付教育费用, 包括条款和利率.

4. Fund a vacation.
Living in Michigan, 你知道人们对假期的渴望, 尤其是在漫长的冬季. If you must borrow money to take a vacation, then tapping into your HELOC is an option. Most financial experts agree that using your home equity for vacations is not prudent, and you could find yourself getting into trouble if you don’t have a plan in place. However, with a solid repayment plan in place, it can be a very convenient option.

5. 支付医疗费用.
即使有保险,医疗费用也可能很高. 使用低利率的HELOC可能是一个不错的选择. In most cases, you will find the interest rate from a HELOC to be the most competitive rate since you are borrowing from your own home's equity. However, it makes sense to review your options when it comes to paying for medical expenses.

6. 用作第二套房的首付款.
Ah, 所以你想要第二个家, a vacation home, a cottage on the lake, 或者去偏远的树林里参加一年一度的狩猎之旅? Tapping into the equity from your first home could be just what you need to help finance that second home. 在你开始利用这些资产之前, you may want to discuss the best strategy for acquiring a second home with an Arbor Financial mortgage specialist.  At Arbor Financial, we have several mortgage options to help you get into your first or second home with low to no down payment options while avoiding private mortgage insurance.


7. 用作租赁投资物业的首付款.
Tapping into your equity may be the perfect solution to snagging a great deal on rental investment property. 你可以用它作为首付款, or in many cases, 你可以用你的HELOC支付全部费用. 就像购买其他房产一样, 和专业人士谈谈你的贷款选择是有意义的.
Whether you hold your first mortgage at Arbor Financial or someplace else, you can apply for a HELOC. You have the option to borrow starting at a credit line of $10,000 with a 10-year draw period. This means you can access your funds at any time in any amount that you’re approved for and only pay interest on the amount that is drawn. Arbor Financial does not have an annual fee for a HELOC and there is no application fee. 但是,可能需要支付一些结案费用.

一旦你申请HELOC, 贷款专家将安排房屋评估或房屋估值, 哪些因素将决定你房子的市场价值. 一旦获得批准,你就可以获得房屋净值信贷额度! Get started today by 安排约会 with us, applying online, or calling 269.544.3105.


Home Ownership , Lending