What Is a HELOC?
You’ve spent years putting money into your home — but have you ever thought about using that equity for big expenses, remodels, and other life events? Cash-out refinancing, or HELOC (home equity line of credit) might be the option for you.
With a HELOC, you can put credit secured by your home’s equity to use in a wide variety of ways — like making important purchases, or managing any other higher-interest debts you may have.
Depending on the value of your home, and how long you’ve been paying it off, you might have a sizable amount of equity to work with and not even know it!
Is a Cash Out/HELOC Right For Me?
This type of Florida refinance loan can help you put money toward life’s biggest events — from major remodels, to surprise expenses, and whatever else you may need. Still, you’ll want to work with an Arco advisor to determine if this is the right path for you.
The Benefits
- Flexibility in paying for large expenses
- Potential credit score improvements through responsible use of your HELOC — just like with a credit card, and other loans you may already have
The Drawbacks
- Less equity in your home
- ROI risk on remodeling projects (i.e., you want your HELOC to go to something lucrative! Not a project that yields less than what it cost to complete)
These are big considerations — and fortunately, Arco has the support and resources you need to make them. Just contact us today to learn more.