What is a Home Equity Line of Credit?
A Home Equity Line of Credit is an open-end loan, using the borrower’s equity in their residence as collateral for the loan. The rate charged for a Line of Credit is a variable rate based on an economic index, which will change any time there is a change in the index. InFirst Bank uses the Wall Street Journal Prime rate as its index.
Uses for a Home Equity Line of Credit:
The funds from a Home Equity Line of Credit are drawn on as you need it by simply writing a check. You can use the line for:
- Travel – Take that dream trip you’ve been eyeing. Whether that means a month sailing around the world or a month following your favorite sports team on the road, it’s time to make that dream a reality.
- Home Improvements or Remodels – Don’t change your address, change the atmosphere. Home equity is a popular way to fund renovations and major home projects such as kitchens and pools.
- Major Life Events – You don’t have to go into debt to fund your child’s education or even their wedding. Major life events are the perfect use for your home’s stored equity.
- Pay Off Higher Interest Debt – If you are carrying balances on student loans, medical expenses, credit cards or personal lines of credit, consolidating and paying them off could save you money and headaches in the long run.
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