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Home Equity Line of Credit (HELOC)
There are two ways to use your home’s equity at Sioux Empire FCU: home equity loans and home equity lines of credit, also known as HELOC. They are both commonly referred to as a second mortgage. A home equity line of credit allows you to borrow money using your home’s equity as collateral.
One of the most sensible ways to use your home’s equity is on a home improvement project as that will likely increase your home’s value as a return on the investment.
Here are some other examples uses for a home equity loan:
Major life event or purchase
- Medical expenses
Expensive vehicle repairs