Using Your Home's Equity

Home Equity Loans (HELs) and Home Equity Lines of Credit (HELOCs) are an excellent way to utilize the equity in your home to get something major done. Your home is likely your biggest investment, so much of your net worth is wrapped up in the value you’ve added to your home over time. HELs and HELOCs allow homeowners to access that equity in times of need.

Perhaps you would like to build an addition onto your house, need to consolidate high rate credit cards and loans or you have to pay your child’s college tuition. Maybe your daughter is getting married and you want to be able to give her the wedding of her dreams. If you don’t have resources available to finance these life events, accessing home equity can give you the necessary funds.

Regardless of the situation, HELs and HELOCs can sometimes make the most sense when tackling a big project, especially when the interest rates are lower than conventional consumer loans. In these sections, we’ll explore the benefits and considerations of these agreements so you can make good decisions about home equity.

5 Ways To Save On Remodeling Your Home

Make your house feel new again without breaking the bank.
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Understanding Equity

Since HELs and HELOCs are based on home equity, we’ll guide you through the basics of how that value is determined.
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HEL vs. HELOC

It’s critical to understand the difference between these agreements as you determine which option is best for you.
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HELOC Common Uses

Now that you understand the basics of a home equity line of credit, you might be wondering: How can I use my Bethpage HELOC?
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Understanding the Lending Process

Here, we’ll talk you through the process of obtaining a HEL or HELOC.
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At Bethpage Federal Credit Union, we’ve guided our clients through the HEL and HELOC process to help them achieve goals. Contact us today to view current rates and learn more about the benefits of working with a credit union instead of a big bank.

For Additional Questions

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