{"id":1035,"date":"2021-02-22T12:40:00","date_gmt":"2021-02-22T12:40:00","guid":{"rendered":"https:\/\/inspirefcustg.wpengine.com\/?p=1035"},"modified":"2022-11-21T16:18:50","modified_gmt":"2022-11-21T16:18:50","slug":"inspire-fcu-heloc-low-interest-high-possibilities","status":"publish","type":"post","link":"https:\/\/inspirefcu.org\/business\/inspire-fcu-heloc-low-interest-high-possibilities\/","title":{"rendered":"Inspire FCU HELOC: Low Interest, High Possibilities"},"content":{"rendered":"\n

Unlock Your Home\u2019s Value With A HELOC<\/strong><\/h2>\n\n\n\n

Are you getting the most from your home? Your home provides more than comfort and shelter. It can be used to establish a line of credit. A Home Equity Line of Credit<\/a> (HELOC) allows you to borrow money using equity in your home as collateral. If you\u2019re a homeowner looking to get more from your investment, discover the flexibility and opportunities a HELOC offers.<\/p>\n\n\n\n

Home Equity Loan Vs. A HELOC<\/strong><\/h2>\n\n\n\n

A home equity loan and a line of credit both allow you to tap into the value of your home, but a few differences set these two types of loans apart. A fixed-rate home equity loan operates as a standard loan, with a lump sum borrowed against the equity of your home and fixed payments made throughout the life of the loan.<\/p>\n\n\n\n

A HELOC is exactly that, a line of credit. It gives you the flexibility to use it like a credit card minus the high interest rate! <\/p>\n\n\n\n

Typically, a HELOC from Inspire FCU has a 10-year draw period, during which the money can be used. You access the funds via HELOC checks or by transferring funds online into your Inspire FCU checking account, making withdrawals simple and convenient. This can be a great way to pay for home improvements and remodels due to the high costs, as well as help consolidate other high interest debt. A Home Equity Line of Credit helps you make large financial transactions quicker and more strategically. <\/p>\n\n\n\n

Home Equity Line Of Credit Advantages<\/strong><\/h2>\n\n\n\n

Another advantage of our HELOC is potentially lower monthly payments. During the draw period, repayment will fluctuate based on the amount borrowed, the current interest rate, and the payment terms.<\/p>\n\n\n\n

Inspire FCU offers two payment options; an Interest Only HELOC, in which the monthly minimum payments is the interest due; or, a standard 1% of the outstanding balance. This gives you the flexibility to use the money with lower monthly payments. <\/p>\n\n\n\n

Draw periods are followed by a 15-year repayment period in which the line of credit is paid off in monthly installments. For homeowners interested in finding trusted, convenient financing, a home equity line of credit may be ideal. <\/p>\n\n\n\n

How Is Available Equity Calculated<\/strong><\/h2>\n\n\n\n

The amount you can borrow depends on three factors: <\/p>\n\n\n\n