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A Home Equity Line of Credit Allows You to Tap Into the Equity in Your Home

First, a definition. The equity you have in your home is equal to the appraised value of your home minus the amount you still owe on your mortgage. For instance, if your home is worth $200,000, and you still owe $120,000 on your mortgage, you have $80,000 in equity.Blog_TapIntoEquity

So what can you do with your equity? Quite a bit.

Remodel your kitchen. Or bathroom. Or create the outdoor space you imagined the first time you saw the backyard.

Plan a trip. Maybe traveling isn’t so appealing right now amidst a pandemic, but things will return to normal at some time. (Right? Right. Whew.) Sometimes it seems that planning a trip is almost as much fun as the trip itself. And it’s always good to have something to look forward to.

Cover an unexpected expense. A new air conditioner? A new roof? A car repair? Hey, life happens, and it’s often expensive.

So no matter which reason is yours, when you open a Home Equity Line of Credit from Avadian, you’ll be able to tap into the equity in your home to cover it – and you can apply for one right from your home.

Right now, you can apply for a Home Equity Line of Credit and take advantage of one of these three great introductory offers1:

  • 0.99% APR introductory fixed rate for six months
  • 2.99% APR introductory fixed rate for 24 months
  • 4.25% APR introductory fixed rate for 36 months

After the introductory fixed rate period, the APR will vary based on the prime rate plus a margin2 ranging from 0% to 2.50%. As of Aug. 1, 2020, the prime rate was 3.25%. Current variable rates range from 3.25% APR to 5.75% APR.

And if you use the Home Equity Line of Credit for home improvements, you may be able to deduct the interest from your taxes. Consult a tax advisor regarding the deductibility of interest.

Ready to get started? Click here to apply now without even leaving home.

1The six-month and 24-month introductory fixed rate offers are not available if the property has been used by the current owners to secure another Home Equity Line of Credit in the past three years at Avadian. All rates and offers are subject to change without notice and cannot be combined with other special promotions. Property insurance is required.

2The amount of the margin will vary based on several factors, including creditworthiness and loan to value ratio. Maximum lifetime rate on Home Equity Line of Credit is 15.00% APR. Closing costs will be waived with a minimum advance at closing of $10,000. (The $10,000 must be new money.) Closing costs and other fees are estimated to be between $300 and $700. If the Home Equity Line of Credit falls below $9,000 in the first six months, you will have to reimburse the closing costs waived by the credit union.

Equal Housing Opportunity Lender

NMLS #422274

The credit union is federally insured by the NCUA. Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insurance company.
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