Home Equity Line Of Credit: A good choice to consider


2020 was a surprising year for the housing market! If you have been paying close attention, the housing market in the Coachella Valley has been going crazy. Housing prices sky rocketed, which has benefited thousands of home owners since the prices of their properties also increased.

With house prices raising, home owners have discovered their home equity increasing, so how can home owners taken advantage of this?

One great option is a Home Equity Line of Credit (HELOC) with a local credit union.

How does a HELOC help you?
HELOCs may cut the cost of purchasing needed things you might otherwise finance with consumer debt a.k.a credit cards. Typically, credit cards hit you with high interest rates which, when having a large balance, eat up a significant amount of the monthly payment you make. This is the reason why people many times transfer their consumer debt into a Home Equity Line of Credit.

HELOCs might also be useful when established as a reserve and used only if an emergency or significant opportunity occurs. In this manner, a HELOC can provide instant access to funds for comfort and safety without any ongoing cost. That’s a deal that’s pretty tough to beat.

One of our members' favorite ways to use a HELOC, and in our opinion, the best way to use a HELOC, is by reinvesting those funds into your home. As years pass the cabinets in your kitchen and restroom might start to look damaged or even a little outdated. By using a HELOC you can upgrade your kitchen, your bathrooms and even your backyard! This usually increases the value of your home and keeps your family and guests impressed. If you're sold on remodeling your bathroom or kitchen but don't know how you would like it to look, look no further. Check out houzz.com for some ideas on home remodeling.

These are just a few examples on how Home Equity Lines of Credit can benefit you. Now that you know this, owning a home might sound awesome!

If you are interested in opening a Home Equity Line of Credit or if you have any questions, feel free to reach out! Visit your nearest branch or give us a call at (760) 337-4200.

Branch Locations:

Palm Springs
Palm Desert

El Centro

Open a HELOC with Sun Community! #Shineon!

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