How extra money from a HELOC helps—let us count the ways

April 1, 2016 | Vince Nowicki

Whenever springtime is mentioned, I can’t help but think it’s a good time to make changes. For me, that could mean relaxing by my new pool with a good book, or maybe I’ll finally move all of my items out of storage and into my garage… which is still blocked by the old cabinets. Better yet, I’d like to remodel my kitchen and even go solar, but before I plan anything, I plan how to pay for it. Luckily, I have my Mortgage Loan through Mission Fed.

You may have had similar conversations about what you want to do over the next few months, and Mission Fed is happy to let you know that we’re here to help, whether your “to do” list includes spring cleaning, vacations or home improvements. Using a Home Equity Line of Credit (HELOC) can help you fund these projects and more, and we’re ready to count the ways with you today:

  1. Consolidate your credit card debt. Have you been using a high-rate credit card for your purchases? You can consolidate your credit card debt with your HELOC. With low payments, no prepayment penalties and only having to pay interest on the amount of the credit line you use, a HELOC is a great alternative to both consolidating debt and making major purchases.
  2. Home improvements. A HELOC can help spring cleaning feel like a breeze. You can plan your kitchen remodel, home gym installation, backyard makeover or solar panel installation, and start making payments once you take out the amount you need to make your spring project a reality.
  3. Travel funds. Here’s a reason to leave your high-rate credit cards at home: use your low interest rate HELOC to fund your dream vacation. Whether expanding your horizon on a trip to another country, visiting a national park or driving across the US, you’ll be covered with your HELOC.
  4. Education. Within the next few months, thousands of San Diegans will celebrate high school graduation all around the county. If you have a high school grad this year, you might be considering how to pay for college or trade school. Take advantage of your Mission Fed HELOC to pay for tuition, housing, a laptop and other education-related expenses.
  5. Potential tax savings. The interest you’ve paid on your HELOC may be tax deductible. Make sure to ask your tax advisor for more details.

Make sure that you have a HELOC ready for when you need it. Or, if you prefer a fixed rate to a variable rate, a credit union home equity loan might be a good alternative. Once you have your plans in mind, apply online or visit a branch—and enjoy spring!

Sources:

Nowicki, Vince. “A HELOC for the Holidays.” Mission Fed Live Smart. Bank Smart. Blog.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. This article contains links for websites that Mission Fed does not control. Mission Fed is not responsible and does not assume liability for the operations, content, links, privacy or security policies of third party websites.

Vince Nowicki

Vince Nowicki

Vince Nowicki is 1st VP, Real Estate Operations & Servicing at Mission Federal Credit Union. He has over 20 years of experience in the mortgage industry, including numerous aspects of the business from loan origination, both retail and wholesale, to secondary marketing and bulk loan acquisitions.

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