As a homeowner, you probably often hear the term “HELOC” —a catchy acronym for “Home Equity Line-of-Credit.” Naturally, the most significant word in this term is “Home” – the place where life is experienced, memories are made, and the most significant events are shared together as a family.
Your home means so much to you personally, but it is also an investment, so it’s important to learn how you can leverage all that equity you’ve built! Perhaps you have an impending costly expense, like a home renovation, a Long Island wedding, bar/bat mitzvah, dream anniversary trip, or a mandatory college fund. Though you can no longer avoid the expense, you might not know how you’ll pay for it.
Figuring Out If a HELOC Is Right for Your Family
When it comes to taking out a HELOC, Suffolk Credit Union has a market-leading introductory period and is committed to quick turnarounds to help its members realize their dreams. However, whether a line-of-credit is a good idea for you depends on your unique financial situation and goals. Here are a few of the most common needs to consider when deciding if a line-of-credit is right for you.
Remodel/Renovation: When one new addition leads to another…
As families grow, so do certain space requirements and other updates. Even the proudest DIYers out there don’t always have the time or resources to transform their homes. If you’re looking to renovate or add a new room, especially with a little one on the way, the smartest thing you can do is make the home remodeling updates sooner rather than later.
Big Event: We say “Yes,” so they can say “I Do.”
Many residents of the area will admit that Long Island weddings qualify as big-life events! Any parents out there struggling for a way to give their child the wedding of their dreams can certainly make it happen by cashing in on their home equity. The same applies for monumental events, including bar mitzvahs, bat mitzvahs, quinceañeras, and more!
College Education: Use your home to help your kids leave it.
As your children grow up, they always refer to your house as home. Eventually, the time finally comes for them to set out on their own. Unfortunately, we all know how expensive college has gotten, and helping them take this colossal first step in life requires substantial financial assistance to give them the best opportunities in life.
Once-in-a-lifetime Travel: Don’t miss out.
As you age, you might put off a dream trip for years or even decades. The time to embark on this type of vacation is while your health is optimal, so you can create memories you cherish for a lifetime. Similarly, your children might be looking into study abroad programs. Whatever the need for costly travel, don’t miss out!
Easy access to funds for the exact amount you need isn’t impossible. With a track record of lightning-fast loan approvals, Suffolk Credit Union is someone who often says, “Yes.”
PRO TIP: Curious how much you might qualify for when leveraging the power of the home equity you worked so hard to earn? The best way to know for sure is to speak with a qualified personal banker at Suffolk Credit Union, but you can also take advantage of their handy Lending Calculator to get an approximate idea for how much credit you might have available.
Meet Your Trusted Partner for Fast Loan Approvals
As a financial institution that is 100% owned and controlled by its members, Suffolk Credit Union serves individuals and businesses on Long Island, New York. Offering a range of financial services that include savings accounts, checking accounts, loans, and other financial assistance, the institution focuses on providing competitive rates and personalized service to their members along with a genuine sense of community involvement.
“From the beginning, our goal has always been about empowering our members. We are committed to helping everyone who comes to us realize the full potential of their financial dreams.” – Michele Dean, President & CEO of Suffolk Credit Union
Ready to Start Your Financial Journey?
When weighing your options for a HELOC, consider none other than Suffolk Credit Union. Now offering no closing costs – that’s right, none – plus a stellar 15-month intro rate with interest-only payments, there’s no better time to get started with putting your home’s equity to use.
Visit the website to learn more, and if you’re ready to take the next step, go ahead and apply now.
