Afford your needs and wants, from life’s exciting moments to its challenges
Your home equity is an investment that pays. When you get an affordable HELOC, you leverage the equity you’ve built by accessing cash to cover life’s goals and needs. Explore how using a HELOC for personal milestones could empower you.
Homeowners are financing life’s big moments with HELOCs
With a HELOC you can borrow from the equity built in your home to use it as cash for everything from financing personal milestones to affording life’s challenges.
With HomeEQ’s fully-digital HELOC you quickly access your equity as cash, which you then pay back through an affordable monthly payment.
This gives you flexibility to afford paying for goals and needs as you please, including home improvements, a child’s wedding, a bucket list investment, big ticket items, consolidation of debt, medical bills, college costs, and other expenses that require cash or don’t make sense on a credit card.
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 financing personal milestones
- Get fast approval 24/7 with our digital application that takes only 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
10 common ways homeowners use a HELOC for personal milestones and expenses
For many homeowners who choose to get a HELOC, they finance expenses including personal milestones, challenges, or unexpected costs like the following:
- Home improvements
- Investment in a vacation home or second property
- Child’s wedding
- Big ticket items like a car or appliance
- Medical bills and expenses
- Student loans
- Debt consolidation
- Safety net of savings for emergencies
- Expenses that require cash
- Expenses that don’t make sense on a credit card
How a HELOC can work for you
With HomeEQ’s HELOC, you can apply online within 10-15 minutes and receive funding within as few as five days, giving you access to cash to use as you please.
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 personal milestones: Rates and terms
Explore a breakdown of our HELOC’s specific qualifications and terms to better understand whether it can help you afford life’s milestones and expenses
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 personal milestones
When you apply for a HELOC, the required hard credit pull can cause a small temporary dip in your credit score like any financing.
Your credit score may increase over time with a HELOC. By adding a new loan type, you diversify your credit types. Using a HELOC rather than a credit card for personal milestones will help you keep your credit utilization down. If you use the HELOC to pay down or pay off other debts, this can also have a positive impact.
Impacts like these improve and increase your credit score, as long as you continue to make payments on-time and keep debt in check. It’s important to borrow what you can afford in the long and short term to avoid potential harm to your credit.
Before applying for a HELOC, it can help to research specifics about the expenses you plan to use it for.
For example, you may look into prices of new cars, venue costs for a child’s wedding, appliance prices for a kitchen upgrade, etc. If you’ll be paying someone for a service like home improvement, ask for cost estimates and quotes. If you’re paying down debt, calculate your pay-off amounts.
Information like this helps you understand the full costs you need to cover and whether a HELOC is the right solution.
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.
HELOCs are often a more affordable financing option than choices like credit cards or personal loans for overall financial wellness.
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.
