You’ve got big dreams. Here’s how a Home Equity Line of Credit can help you achieve them.
Key Takeaways:
- Your rising home value means more money available for just about anything you can imagine.
- Verve’s Home Equity Line of Credit (HELOC) is a flexible and convenient way to make it happen.
A recent storm caused roof damage and you can’t put off repairs. Your daughter called and she’s engaged–let the wedding plans begin! Whatever your unexpected expense, you’ll need financing options. A home equity line of credit (HELOC) could be the answer to accessing the money you need now–without tapping into your retirement savings.
Here’s more on what a HELOC is and why it might be right for you, right now.
FLEXIBILITY WHEN YOU NEED IT MOST
Did you know that home values in Wisconsin and Illinois have risen significantly in the past five years?[1] That increased equity means you may be in a good position to take advantage of a Home Equity Line of Credit (HELOC) now.
A HELOC is like a credit card that lets you borrow a set amount of your home’s value. It allows you to withdraw cash as you need it and you only pay interest on what you borrow.
Loan approval can happen as soon as two weeks. And because there are no restrictions on how you can use a HELOC, you’ll have plenty of flexibility.
A home equity line of credit can be used for just about anything, including emergencies or unexpected medical expenses. You have a long period to use the funds—up to 10 years with interest-only payments and a 10-year payback period. You could repair that roof and then wait a few years to use the funds to upgrade your landscaping.
MORE ACCESSIBLE + CONVENIENT
Sometimes life brings the unexpected, both good and bad. If you need money now, a HELOC can often process slightly faster than a home equity loan. Once an appraisal is completed, a HELOC can be finalized.
These loans come with a variable interest rate, which can be beneficial when rates are low. This also means monthly payments can increase with rising rates. Before the repayment period, HELOCs only require interest payments. That can be helpful if you are on a tight budget or just want to save cash.
There are also various ways to access your line of credit like transferring money from your HELOC to a checking account or visiting a branch to complete a transaction.
LOWER COSTS + FEES
Home equity lines of credit can be used to consolidate higher interest-rate debt and offer lower repayment terms than most other loan types. Verve does not charge an annual fee for a home equity line of credit. A HELOC also offers more favorable repayment terms compared to many other loan options. For a limited time, Verve is reducing already low closing costs and interest rates, making it an opportune time to consider a home equity line of credit.
Don’t forget, your interest may be tax deductible if you use it to buy, build or improve your home. Contact your tax advisor to see if you qualify.
[1] 1 https://www.houzeo.com/blog/wisconsin-real-estate-market/
Federally Insured by NCUA | 
Equal Housing Opportunity |