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Are you a homeowner with a to-do list that just seems to keep getting longer? A Home Equity Line of Credit (HELOC)* could be the answer to your financial needs!
As a homeowner, a HELOC is a convenient source of cashflow that’s based on the equity of your home. Typically, you are allowed to borrow up to 80% of your home’s equity, which is calculated by subtracting what you still owe on your mortgage from your home’s current value. HELOCs can be a great option for larger expenses, as they typically have lower interest rates than credit cards or personal loans.
Another benefit with HELOCs is that there’s a lot of flexibility for what you can use it for. You can take advantage of a HELOC to fund home renovations, help with school tuition, or consolidate large debt. One extra perk about using a HELOC for home renovations and improving your home, is you can deduct interest paid on your HELOC on your tax returns. Just be sure to itemize your deductions to qualify for the tax break if you choose to do so.
No matter what you may use your HELOC for, it’s important to keep a few things in mind. The first, and most important, is that you’re using your home as collateral when you use it. That means if you’re unable to pay off what you borrowed in the allotted time, you run the risk of losing your house and severely damaging your credit score. There are also often upfront closing costs and potential third-party fees to consider as well before you take advantage of a HELOC.
You’ve built the equity, now let it work for you! To learn more, call 815-744-7497 to speak with one of our Mortgage experts about your options, or click below to get started today!
*INTEREST ONLY HOME EQUITY LOC: Owner occupied only, Loan Term 10 year draw period plus 20 year repayment term, total 360 months (30 years). Interest Rate is Prime rate as published in the Wall Street Journal plus a margin decided upon by the Credit Union. Rate subject to change monthly, Minimum monthly payment may change as a result of rate changes. Annual fee of $50 will apply. No closing costs or origination fees. During the first 10 years of the draw period, interest only payments are due. During the Principal & Interest repayment period, the payment will be recalculated to repay the balance. Up to 80% of appraised value less first mortgage for qualified borrowers. Maximum amount is $500,000 or 80% LTV whichever is less. Actual rate based on borrower’s credit score at time of application. Maximum APR is 18%. Prime Rate as of 5/1/2026 is 6.75% APR. Minimum Credit Limit $5,000. Offer subject to change without notice. The Credit Union may pay third party fees on your behalf. If line of credit closes within 36 months of opening, a termination fee the lesser of 2% of the credit limit or $200 may be imposed. Interest may be tax deductible. Consult your tax advisor. Equal Housing Opportunity Lender.
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