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A home equity line of credit (HELOC) allows you to leverage the equity built in your home after years of careful budgeting and prompt payments on your mortgage.
There are plenty of advantages that come along with a HELOC. You will likely have a good idea of the equity present in your home, making it a simple matter to determine how much money you are eligible to access through this line of credit. Because you have a valuable asset to use as collateral, you may be able to enjoy lower interest rates than are available in other lending options.
As a line of credit that offers cash advances, you can use a HELOC at your own discretion, withdrawing funds when needed throughout the draw period. The flexibility of a HELOC makes it an especially popular choice to address a wide variety of wants and needs with a number of low interest, low payment options.
Our video, “3 Ways to Use a HELOC,” offers some suggestions for putting this line of credit to use. We’ve highlighted a few common options, including making home improvements that can ultimately boost the value of your property. Keep in mind that HELOC funds are not limited to applications related to your home, so you can take care of nearly any financial consideration you want with this line of credit.
Comerica Bank offers flexible and effective HELOCs. Competitive rates and a fixed-rate payment option are just two of the many advantages that come with this line of credit. To learn more, get in touch with our team today.
