What is the best way to finance a home renovation?Nov. 2, 2020
Making major changes to your home can be intimidating, especially when it comes to the cost. Renovating the kitchen or putting in a new bathroom can boost your quality of living, but how can you make room to afford these large projects? TruMark Financial recommends a home equity line of credit (HELoC) which allows you to choose how much you want to borrow and how to pay it back.
Let’s take a look at some advantages of TruMark Financial’s HELoC Select:
- A HELoC Select help you stick to your budget. Instead of walking out with a huge amount of cash when you open a loan, you’ll have access to a line of credit to use as needed. You’ll withdraw money in the amount and at the time you need. This makes it especially convenient if you don’t know exactly how much your project will cost.
- A HELoC Select starts as a line of credit and then allows you to switch all or part of the balance to a fixed rate at any time, giving you a manageable payment. Also, TruMark Financial allows you to pay off a HELoC Select early without penalty.
- With a HELoC Select, the amount of equity you currently have in your home will determine how much you can borrow. It makes perfect sense to borrow against your home’s equity for adding to its value if you plan on selling your home within the next 10 years. It is very possible that the HELoC will pay for itself and then some.
Are you ready to get those renovation plans rolling? Call, click, or stop by TruMark Financial to get started on your HELoC Select application.