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January 13, 2022

How to Use a Home Equity Line of Credit for Home Renovations

Did you know that you can use the equity in your home to improve your home? With a Home Equity Line of Credit (HELOC), you can draw on your home’s equity to get cash that you can use to pay for home renovations.1 Maybe that’s a dream kitchen, a new patio, or a bathroom remodel. Whatever you’ve dreamed up for your home, a HELOC can help you make your vision a reality.

With home values high and interest rates low, there’s never been a better time to capitalize on the equity in your home.

How does a HELOC work?

A HELOC is a revolving line of credit that allows you to access cash based on the equity you have in your home. Once you’re approved for a HELOC, you can access the funds in whatever way is most convenient to you: a Grow Visa® credit card, special checks, cash withdrawals or transfers to another Grow account. Plus, we can often close on HELOC loan applications in 15 days or less!

What are the benefits of using a HELOC for home renovations?

Low interest rates: The rates you’ll get on HELOCs are usually lower than the rates on personal loans or credit cards, so they can be a great way to access funds fast.
Flexible repayment options: Our HELOCs are structured with either interest-only or interest and principal repayment options.
Return on your investment: Updating your home typically increases the home’s value, so when you go to sell your home, you may see a return on the investment you made through renovations.
Tax deductible: If you use the funds to substantially improve the home that secures the loan, you may be able to get tax benefits off the interest you pay on your HELOC.2

So, that renovation you’ve been putting off? Let’s get it on the calendar.

APPLY FOR A HELOC

1Subject to credit approval.
2The consumer should consult a tax advisor for further information regarding the deductibility of interest and charges.

 


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