Homeownership comes with many benefits, one of which is the ability to access the equity in your home to finance home renovations or investments. One financing option that homeowners can consider is a Home Equity Line of Credit (HELOC). A HELOC allows you to borrow against the equity in your home and access funds as you need them.
A HELOC works similarly to a credit card. You are approved for a line of credit, which you can access as you need it. With a HELOC, you have a set draw period during which you can access the funds, and you only pay interest on the amount you borrow.
One of the advantages of a HELOC is that you can borrow only what you need when you need it. This means you are not committing to a set repayment schedule or interest rate on a lump sum, giving you more flexibility in managing your finances. You can use a HELOC to finance home renovations, such as a new kitchen or bathroom, or to invest in rental property or other real estate projects.
Marion Community Bank offers a HELOC with a low interest rate of 3.99% for the first six months. During the three-year draw period, you only need to make interest payments on the amount you borrow. This means you can focus on your renovation or investment project, knowing that you have a flexible repayment option that can help you manage your cash flow.
By choosing Marion Community Bank for your HELOC, you also can benefit from our personalized customer service and local expertise. The bank's experienced local bankers can help guide you through the application process and provide you with the information you need to make informed decisions about financing your home renovations or investments.
Financing your home renovations or investments with a HELOC can also increase the value of your home. Home renovations, such as a new kitchen or bathroom, can increase the resale value of your home, while investing in rental property or other real estate projects can generate additional income.
In summary, a HELOC can be a flexible financing option for homeowners looking to renovate or invest in their property. With the ability to borrow only what you need when you need it, and a flexible repayment option, a HELOC can provide the funds you need to make your home renovation or investment project a reality. Contact Marion Community Bank today to learn more about how they can help you finance your home renovations or investments with a HELOC.
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Contact us today at loans@marion-bank.com or learn more at marion-bank.com/heloc
*Loan approval is subject to credit approval and program guidelines. Interest rate and program terms are subject to change without notice. The introductory rate is fixed and not based on any index. During the introductory period, the Annual Percentage Rate (APR) is 4.056%. After introductory period, APR is variable and based on Wall Street Journal U.S. Prime Rate (Prime). The Introductory rate is valid for the first 6 months, beginning the date of account opening. As of 05/01/2023 Prime is 8.00%. There is no limit on the amount by which the interest rate can change. However, under no circumstances will the interest rate exceed 18.00% or go below 4.00% at any time after the introductory period. Only available for primary or secondary residences. Product not available for mobile homes, manufactured homes, or non-owner-occupied homes.
Marion Community Bank | Member FDIC | Equal Housing Lender
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MANAGING YOUR HOME EQUITY LINE OF CREDIT | THE DO'S AND DON'TS
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UNDERSTANDING THE DIFFERENCES: HOME EQUITY LINE OF CREDIT AND A HOME EQUITY LOAN
