Changes are coming to Home Equity Line of Credit (HELOC ) products.
For qualified borrowers, HELOCs have a variety of uses, including:
HELOCs can also be used for personal consumption, purchases like TV's, furniture or other personal items.
HELOC's are federally regulated and will soon be limited to 65% of your home's equity. (down from 80%) Banks must comply with this new guideline by the end of their fiscal year, which in most cases is October 31st but many banks will be implementing these changes early.
If you have any questions about these products speak to your financial planner or your bank. These financial professionals can help you determine if a HELOC is a good fit for you.
EXIT Realty Twin Bridges Brokerage