Unlocking Your Home’s Hidden Potential: You Can Use a Home Equity Line of Credit for WHAT?!
Minute Read
Most of the time when someone hears “Home Equity Line of Credit” (HELOC) they think of home renovations. But you can use our Home Equity Freedom Line of Credit to do so much more!
Some of the ways you can use our Freedom Line of Credit:
- Pay down debt.
- Finance your upcoming dream vacation or vacation home.
- Cover the costs of college or other post-secondary education.
- Fund wedding expenses for yourself or your children.
- Pay for an adoption – Check out how the Logan family used a HELOC to add to their family.
- Handle vet or medical bills.
A Home Equity Line of Credit typically provides a lower interest rate and the flexibility to use the funds as needed. Whether you prefer accessing the full amount at once or in smaller increments over time, our FaM1ly is here to guide you through the process.
Now that you know what you can do with a HELOC, let’s get into some frequently asked questions.
1. How do I know if I am eligible?
Any Pennsylvania or Maryland resident who is a homeowner with built-up equity in their home can apply for a HELOC. It's important to note that businesses are not eligible for this type of line of credit.
2. What information do I need to fill out an application and how long does it take?
You will need the following to apply:
- Property information such as the address, purchase price and property type.
- Property value estimation.
- The amount you would like to borrow.
- Your personal information and contact information.
- Employment and income information.
- Information about all financial accounts and debts.
Completing the application only requires a few minutes of your time, and you can expect to hear back from our team within three business days.
3. How do I get a property value estimation?
The easiest way to get an idea of your home’s estimated value is to Google your home and look at sites like Zillow or Redfin. Our HELOC team will help you get a professional estimate that they will use to assess your eligibility.
4. What makes your Home Equity Freedom Line of Credit different?
Our Freedom Line of Credit can be a dual-purpose loan that allows you to use it as a line of credit and a fixed loan*. You can use the revolving balance and pay interest monthly on the outstanding balance owed and/or lock-in up to three fixed term loans at one time.
While this might not give you a complete picture of everything you can do with a HELOC or how to obtain one, we hope this gives you a good start! If you are ready to apply, head over to our HELOC page. If you need more information before getting started, don’t hesitate to reach out to our home equity team (717) 795-6046 option 1 or at any of our branch locations.
*Fixed Term Option: You may lock in all or a portion of your line as a fixed term loan up to three fixed terms at one time. Terms available from 1 year to 15 year maximum. Minimum $5,000 to lock-in. Fixed term APR may vary based on term chosen. Your first fixed term lock option is free and subsequent lock options are subject to a $100 processing fee. Balances you choose to lock in at the fixed rate of interest must be repaid in substantially equal monthly payments of principal and interest. The total monthly payment under the Line of Credit will include repayment of the total of all advances under the Line of Credit to date, in addition to and including the advance(s) for fixed term lock option(s).
Fees: Members 1st FCU will pay all closing costs in conjunction with the Line of Credit agreement. If your Line of Credit is paid in full and closed within 36 months, you may be required to reimburse all third party fees paid on your behalf upon closing your account.
