Purchasing a home is an investment, one that requires routine maintenance, repairs and updates. Even for homeowners who custom-build their homes from the ground up, it’s common to make tweaks and changes that improve the appearance or functionality of the home.
Thankfully, those home improvement projects can be made easier with the right financing solution, like a home equity line of credit (HELOC) from Meritrust.
About Home Equity Lines of Credit
Similar to a home equity loan, a home equity line of credit allows you to borrow against your home’s equity, providing cash for home improvement expenses and more. Since a HELOC uses your home as collateral, it’s a flexible, low variable-rate option to help with home improvement projects. Plus, the interest you pay may be tax deductible when the funds are used for eligible home improvements (consult your tax advisor).
Unlike a home equity loan, which provides a lump sum of cash upfront, a home equity line of credit allows you flexible access to cash up to your available credit limit. This means you only finance what you need when you need it.
HELOCs typically have an extended draw period, which is the timeframe when your access to cash is available, making it convenient for use for continual home improvement projects as needed.
Smart Home Improvement Projects
Ideally, you should select home improvements that can help boost the value of your home and give you a great return on your investment. These can include:
- Energy-efficient home improvements like updated heating and air conditioning systems or new windows
- A new garage door and front entry door for improved curb appeal
- Adding or updating a backyard deck
- Kitchen and bathroom remodels such as new countertops, appliances and flooring
Choosing Your Home Equity Financing
At Meritrust, our home equity lines of credit offer convenience and great HELOC home improvement rates. The Meritrust HELOC process can get you started on your home improvement projects in no time, with a closing time as quick as two weeks. In many cases, no appraisal is required.
Remember, HELOCs are great for providing easy, flexible access to cash when you need it. However, if you’d prefer a fixed-rate home equity loan or are looking to refinance, Meritrust can help.
Not sure which option is right for you? Contact the Meritrust Home Loans team for the individual guidance you need. Call us at 316.558.5005 today or start the online application today.
