Home Equity Lines of Credit & Loan Rates

If you want to use your home’s equity to remodel, fix, upgrade your home

Selling your home and buying another can be a very expensive and complicated process.  Very often, it is a lot cheaper and easier to improve your current home to make it your “dream home”.

If you find yourself in a situation where you are sitting on some equity in your home, accessing that to make those improvements might be the solution.

One questions I am commonly asked about this is – is it better for me to get a home equity line of credit or to do a full refi and I believe the answer comes down to how long you plan on keeping the debt.  If it is long term debt, then a full refi makes the most sense because you can take advantage of a low, fixed rate mortgage since HELOC’s are almost always an adjustable rate loan.

Another consideration is whether or not you plan on using all of the money up front or not? If you plan on pulling the money out slowly over time than a HELOC might be a better option.

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