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How to Pay for Expenses with Home Equity

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Many people know you can use the equity in your home to fund home repair or renovation projects. However, did you know a home equity line of credit (HELOC) can be used to pay for other expenses? Here are just a few of the possibilities:

Pay for education expenses.
If you’re a parent who would like to help cover your child’s college tuition, a home equity line of credit can be a convenient way to borrow money at favorable rates.

Consolidate credit card debt. If you’re tired of owing on your credit cards, a home equity line of credit may allow you to consolidate your bills into one monthly payment with a more favorable interest rate.

Buy a vehicle. When it’s time to replace your old car, a home equity line of credit can be an option for funding a new or used automobile.

Liven up landscaping.
Tired of coming home every day to a drab yard? The funds in a home equity line of credit can be used to turn a boring lawn into an oasis.

Take that dream vacation.
Think you’ll never have the money to cross that vacation off your bucket list? A home equity line of credit allows you to access the funds for your once-in-a-lifetime trip without emptying all your savings. If you know there’s a destination you want to return to again and again, a home equity line of credit can also be an option to assist in the purchase of a vacation home.

Capitol Federal’s Execuline home equity line of credit allows you to borrow up to 90 percent of the current market value of your home, less any outstanding mortgage balance. This open-ended line of credit can be conveniently accessed by checks, a Visa® access card, online transfers or cash advances. 

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Categories: Your Home, Smart Spending
Tags: Home Mortgages

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