The HELOC
"I love my house, but I wish I had the cash to redo the kitchen." "I want to buy a rental property, but I don't have the down payment saved up."
I hear this all the time. But often, the money you need is already yours… it’s just stuck inside your drywall.
Enter the HELOC (Home Equity Line of Credit).
What is it? Think of a HELOC like a credit card that is backed by your house. The bank looks at how much equity you have (Market Value minus Mortgage Owed) and gives you access to a portion of that cash.
Unlike a loan where you get a lump sum and start paying interest immediately, a HELOC sits there available for when you need it. You only pay interest on what you use.
Why are people using them right now?
Renovations: increasing the value of your current home.
Debt Consolidation: Paying off high-interest credit cards with a lower-rate HELOC.
Investing: Using the equity from your current home as the down payment on an investment property (My personal favorite strategy!).
The "Stay in Your Lane" Note: I am a Real Estate Broker, not a Mortgage Lender. I can help you find the house and calculate the value, but for the specific rates and terms, you need a pro.
If you are wondering if you have enough equity to make a move… or just want to upgrade your kitchen… let’s chat. I can tell you what your home is worth, and then refer you to a trusted local lender who can help you unlock that cash.