Leverage Your Equity in Your Favor

Take out a home equity loan in St. George, UT

A home equity line of credit, also known as a HELOC loan, can give you a line of credit without having to refinance your primary mortgage. Ryan Bolton - Patriot Home Mortgage in St. George, UT will help you determine the best option for your situation. Our home equity loan lender will meet with you to review your options and walk you through the approval process. Plus, he can provide a no-cost, no-obligation preapproval that doesn’t require a hard credit pull so you can get an offer with payment and cash back without a hard commitment!  So you have nothing to lose!  Let's start today!

A Home Equity Line of Credit (HELOC) offers several benefits to homeowners, including:

1. **Flexible Access to Funds**: HELOC allows homeowners to access funds as needed, up to a predetermined credit limit, similar to a credit card. This flexibility can be particularly helpful for ongoing expenses such as home improvements, education costs, or unexpected emergencies.  You only pay interest on the balance and not the full loan amount.

2. **Lower Interest Rates**: Generally, HELOCs offer lower interest rates compared to other forms of credit, such as credit cards or personal loans. The interest rates are often variable and tied to the prime rate.

3. **Tax Deductible Interest**: In many cases, the interest paid on a HELOC may be tax-deductible, provided the funds are used for qualifying purposes, such as home improvements. Homeowners should consult with a tax advisor to understand the specific tax implications.

4. **Potential Appreciation of Home Value**: Investing in home improvements using a HELOC may potentially increase the value of the home. This can be beneficial if you plan to sell the house in the future, as it could result in a higher resale value.

5. **Emergency Fund**: HELOCs can serve as a source of emergency funds, offering a financial safety net in case of unforeseen financial challenges, without having to liquidate other investments or assets.

6. **Revolving Line of Credit**: As you pay down the balance on a HELOC, you can typically borrow against it again without having to reapply for a new loan. This revolving credit feature provides ongoing access to funds when needed.

7. **Improves Credit Score**: Making timely payments on a HELOC can positively impact your credit score over time, as it demonstrates responsible handling of credit.

Why should you consider a HELOC loan?

A HELOC loan is very advantageous for homeowners. A home equity loan...

• Has standard, predictable payments made up of principal and interest payments
• Often has cheaper payments and better interest rates than other types of credit
• Locks you in at a secure interest rate that won’t change or fluctuate

Additionally, your home equity loan lender will help you take advantage of any tax benefits a HELOC loan may present. Discuss your options Ryan Bolton - Patriot Home Mortgage today.