Low rates on home equity lines of credit can make either possible
With the recent downturn in the economy, you might be reassessing your lifestyle, your financial situation, or even your career potential.
Whatever your plan, a home equity line of credit (HELOC) could help you get there. A HELOC can fund goals that improve quality of life for you and your family. Plus, the interest you pay might be tax deductible, making it one of your smartest and most economical borrowing choices. (Consult your tax advisor.)
Check out Columbia’s super-low introductory home equity rates. Talk to us today to learn whether a HELOC makes sense for you.
Your house, only better
If you plan to stay put for the next few years, consider making your home a more comfortable environment. Think family dinners and get-togethers at home instead of eating out and traveling long distances.
According to Remodeling magazine, there are still a few projects that raise the value of your home by at least what they cost – namely, deck additions, minor kitchen remodels and wood window replacements. On the other hand, it may be time to take a look at that aging roof or furnace.
Take your career to the next degree
Education is a great way to put you, a child or your spouse on the fast track to a successful career. But considering that a year at a public college costs $6,185, according to the College Board, education doesn’t come cheap. Graduate school or professional programs can easily cost much more.
After taking a shot at financial aid, fund what’s left with a HELOC, and you’ll see rates that are better than most personal loans.
Downsize your debt
Make a wise money move by consolidating higher-rate debt into a low-rate HELOC. Not only will you reduce your interest rate, but you could also lower your monthly payments, easing the burden on your budget. Better yet, you could shorten the term of your loan and pay off debt more quickly. Plus, you may qualify for tax advantages on your HELOC that other loans don’t offer.
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