Tap into home equity to reinvest in your property and increase its value
Using our home equity line of credit (HELOC) to finance home improvements is a popular option among homeowners. They get access to cash and have one simple monthly payment with clear terms. Explore how a HELOC for home improvement can help you.
Make affordable home improvements with a HELOC
A HELOC allows you to tap into the equity that you’ve built in your home, which you can then invest back into the property. Access the equity to leverage your home as an asset while potentially increasing its value through home improvement.
With HomeEQ’s fully-digital HELOC you can borrow from your home equity to access cash. This gives you flexibility to pay for renovations and other home improvement projects — on your timeline and within your budget.
The HELOC works alongside your current mortgage, providing a new loan that offers flexible and affordable terms, without impacting your current mortgage.
HELOC benefits for home improvement
- Get fast approval 24/7 with our digital application that takes only 10-15 minutes
- Borrow between $25k-$350k, up to 80% of your home’s value
- Choose your term lengths from 5-30 years
- Leverage equity from primary residences and second homes
- Avoid prepayment fees
How a HELOC for home improvement can work for you
With rising mortgage interest rates and home prices, many homeowners choose to invest in their current homes for a variety of reasons. HELOCs are helping homeowners in situations like the following:
- You want to maintain your current home as you’ve secured a low interest rate for your mortgage and don’t plan to sell or move anytime soon.
- You want to maximize your home’s value while enjoying it and making it your own through renovations.
- You’re preparing to make worthwhile improvements and sell your home for the highest value possible, as home prices have risen and inventory is low.
With HomeEQ’s HELOC, you can apply within 10-15 minutes and receive funding within as few as five days, giving you access to cash to use on your timeline.
If budgeted correctly, you can access enough cash to pay home improvement contractors, covering the cost of materials and labor. Depending on the renovations made, you may also see a return on your investment by increasing the home’s value.
HELOCs provide affordable terms by using your property as collateral. This comes with the risk of losing your home if you can’t pay back the HELOC, so it’s important to explore whether a HELOC is right for your situation.
HELOCs are also revolving. As you pay down the HELOC, you can draw from it again within certain terms like your draw period and loan limit.
HELOC for home improvement: Rates and terms
Explore a breakdown of our HELOC’s specific qualifications and terms to better understand whether it can help you renovate your property.
How our digital HELOC works for you
Simple start
To get your personal offer, start an account now to share basic details about your situation.
Approved in 15 minutes
Finish the digital application for streamlined processing without traditional timelines.
Cash within days
When approved, you’ll receive access to cash within a matter of days to use for life’s expenses.
FAQs: HELOC for home improvement
Depending on your reason for home improvements, your definition of value might differ. For example, in preparing your house to sell, you might ask a local real estate agent or appraiser what increases the actual price of your property in your market to focus on those renovations — and get the best return on your investment.
To catch up on overdo maintenance or customize your home to your liking, you may find that the highest value is in making the home feel livable and comfortable.
People may prioritize improvements like modernized kitchens, bathrooms, and appliances. Others might be more focused on solid foundations, roofing, and windows. And for some, curb appeal goes a long way, so it can be worth investing in landscaping, new siding, etc.
In considering your options, you’ll want to decide whether the value of home improvements will outweigh the costs.
Researching specifics like the cost of materials and labor for your intended projects can help you determine whether a HELOC will cover the expenses you need for potential home improvements. Ask home improvement contractors and other relevant service providers for quotes to help you determine specific costs. This helps you understand the full cost of home improvements or helps to prioritize which ones are worth financing now.
When you apply for a HELOC, you can compare these costs to the loan limit you’re approved for. HomeEQ’s HELOC amounts range from $25,000-350,000. Your custom HELOC amount will be based on a variety of factors, including your home’s current value, current equity, your credit score and income, debts, and more.
You can borrow up to 80% of your home’s value and will have a set draw period where you can redraw from the amount you’ve paid on the HELOC to cover home improvement costs.
HELOCs are often a more affordable financing option than choices like credit cards or personal loans for home improvements.
Credit card interest rates can quickly climb creating added long-term expenses and unpredictable monthly payments. Also, credit cards don’t typically work when needing to pay for large expenses that require cash.
In comparison, personal loans often have higher interest rates than a HELOC because you don’t have collateral for the loan like you do with a HELOC.
What makes HomeEQ’s HELOC different?
Backed by our team’s combined mortgage experience, we’ve built a simpler way for homeowners like you to access the untapped equity paid into your home.
We’ve developed a truly self-service HELOC, from application to funding — all completely digital so that you can access cash within days. The application only takes 10-15 minutes. See if you’re approved by applying anytime, 24/7.
