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Rising Interest Rates? A Home Equity Line of Credit Might be Right for You.

Rising Interest Rates? A Home Equity Line of Credit Might be Right for You.

Nicole HjeldenNicole Hjelden
Real Estate Officer | NMLS# 710489


With concerns of rising interest rates, here are some ideas of when a Home Equity Line of Credit (HELOC) could work for current homeowners.
Many homeowners purchased or refinanced their homes when rates were very low at a fixed term. Now a project or situation has come up and the need to borrow additional funds is necessary. However, the homeowner doesn’t want to refinance and lose that low rate.
One of the most popular reasons homeowners apply for a HELOC, is to do a home improvement project.  This not only makes their home feel like new but could also further increase the value and equity of their most important investment. By doing these improvements it can be a cheaper option than buying and selling a home when rates are higher.
Not only are mortgage rates rising, various credit card interest rates appear to be also.  A HELOC can be a great tool for consolidating higher-interest cards.
With rising costs on nearly everything, a HELOC can offer peace of mind in the unpredictable market. If you have any questions, please reach out to a mortgage officer at Border Bank! Click here to meet our mortgage experts.

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