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KFM Choice HELOC
Put your home’s equity to work
Your home is more than just a place to live—it’s also a valuable financial asset. As your home increases in value and you pay down your mortgage, you build equity that can be used to help achieve your financial goals.
Whether you’re planning a renovation, consolidating debt, paying for college, or simply want access to funds for life’s unexpected expenses, a Home Equity Line of Credit (HELOC) or Home Equity Loan may be the right solution.
Common ways to use home equity
- Remodel or renovate your home
- Consolidate high-interest credit card debt
- Pay for college tuition or education expenses
- Cover major medical expenses
- Finance a wedding or other large life event
- Start or grow a business
- Purchase an investment or vacation property
- Build an emergency financial cushion
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) gives you access to a revolving line of credit that’s secured by the equity in your home. Think of it like a credit card—with a borrowing limit based on your available equity—but with interest rates that are typically lower than most credit cards and personal loans.
During the draw period, you can borrow only what you need, when you need it, and repay it as you go.
A HELOC may be a great option if you:
- Have ongoing or phased home improvement projects
- Want flexible access to funds over time
- Need a financial safety net for unexpected expenses
- Prefer borrowing only what you use
Your available credit line is determined by several factors, including:
- Your home’s current appraised value
- Your available home equity
- Your credit history and score
- Your debt-to-income (DTI) ratio
Because your home serves as collateral, HELOCs generally offer lower interest rates than unsecured borrowing options. Most HELOCs have variable interest rates, meaning your rate may change over time.
If you are ready to take the next step, fill out the form or contact a local loan officer today for a personalized home equity consultation.
Home Equity Loan
A Home Equity Loan (HEL) allows you to borrow a lump sum of money using the equity in your home. Unlike a HELOC, you’ll receive all of the funds upfront and repay the loan through fixed monthly payments over a set term.
A Home Equity Loan is often referred to as a second mortgage and offers the security of a fixed interest rate and predictable monthly payment.
A Home Equity Loan may be the right choice if you:
- Know exactly how much you need to borrow
- Want fixed monthly payments
- Prefer the stability of a fixed interest rate
- Are financing a one-time expense such as a major renovation, debt consolidation, or tuition
Like a HELOC, your loan amount is based on factors including your home’s equity, credit profile, and debt-to-income ratio.
Let’s put your equity to work
Your home equity can be one of your most valuable financial resources. Our mortgage professionals can help you determine whether a HELOC or Home Equity Loan best fits your goals and guide you through every step of the process.
If you are ready to take the next step, fill out the form or contact a local loan officer today for a personalized home equity consultation.
