A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on how much your home is worth. If you already own your home outright no matter if you are in Toledo, Lima, Cincinnati, or anywhere in Ohio, a HELOC can also be a primary mortgage.

HELOCs

HELOCs offer flexible financing for home improvements, debt consolidation, and more! As an example, use a HELOC to replace expensive home systems such as heating and cooling at a much lower interest rate. Your house works as collateral for the loan, so the banks don’t need to charge high interest on what you’ve borrowed.

Tips for Effective Use and Repayment Strategies

A HELOC is most effectively used when you need large sums of cash, especially for ventures that will result in gaining more capital, such as increasing the value of your home through renovations.

The best repayment strategy is simple: pay more than you have to. Even an additional $5 will chip away at your principal balance and save you money in the long run. You can also refinance your HELOC to get a lower interest rate or convert it to a home equity loan to fix the interest rate at a set amount.

Support Through the HELOC Process and Beyond

Superior offers local expertise for anyone looking for a home equity line of credit. We want you to understand the process every step of the way so you can be in control and proactive about your finances.

You also may want to explore borrowing from credit lines that do not use your home as collateral. These are available with your credit cards or with unsecured credit lines that will let you write checks as you need the money.