At Town & Country Credit Union we value and show deep respect for the communities in which we live and work. We contribute positively to our communities through volunteering, networking, philanthropic giving, education and more with a goal of positively improving the lives of those we serve.
Home Equity Line of Credit: The best way to finance your remodel
When you’re reinvesting in your home with a big remodeling project, you know it’s going to get expensive. Put all those payments you’ve made over the years to work for you with a Home Equity Line of Credit (HELOC) to finance your project. How does a HELOC work? Unlike a regular home equity loan where you get a lump sum payout that you’ll then pay off over time, a HELOC gives you the ability to make draws up to a total approved amount, as you need it. Plus, you only pay interest on the amount you’ve borrowed, saving you money over time.
If you’re looking for a reason to check that remodel project off your to-do list, you can get a great variable rate on a Home Equity Line of credit with a loan-to-value ratio of up to 90%!
What’s a loan-to-value ratio? That means you can be approved to borrow up to 90% of the appraised value of your current home when you combine the mortgage you may have now and an additional HELOC.
You can make draws from your HELOC over a period of 5-10 years and you can choose to make monthly principal plus interest or interest only payments during the draw period. After the draw period is closed, you’ll make principal plus interest payments tied to the prime rate over 180 months. Plus, it’s easy to transfer funds during the draw period. Just log in to Town & Country online account access and transfer from your HELOC account into your checking account, or give us a call at 800-872-6358.
Now’s the time to take your remodel project from idea to reality. You’ll thank us later when you’re drinking coffee on your new deck or in your gorgeous new kitchen. Plus, you don’t have to stop there, pay back your first draw and you can finance your next project within the same draw period without having to get reapproved.