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Is Now a Good Time for a HELOC?

Nearly every sector of the U.S. economy has been hit hard by the pandemic. Except for the housing market, which continues to hold strong through 2021.

Data from the National Association of Realtors show that, from June 2020 to June 2021, the median price for single-family existing homes saw a near-record year-over-year increase of 22.9%. And, according to CNN, interest rates for many financial products continue teetering near record lows.

This situation may mean that it is a good time to access the equity that’s built up in your home. If you have a lot of cash trapped in your home, you may benefit to learn more about home equity products, how they work, and how you can use them to reach specific financial goals.

What is a HELOC?

Like a mortgage, a HELOC (home equity line of credit) is a debt that’s secured by the equity in your house. “Equity” is the amount that your home is currently worth, minus any debt you have on it in the form of a mortgage or other loans. When you take out a HELOC, you have a line of credit that’s available to draw on when you need it. A HELOC may serve as an additional debt on top of an already existing mortgage. 

There can also be tax advantages with a HELOC since interest paid on it can be deductible if you use the funds specifically for renovations or additions to your home. That can give HELOCs a major advantage over many other types of debt.

You can take advantage of the equity in your home even more with US Eagle.  We are currently offering special terms for members to open a new HELOC. Click here to view the offer.

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