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.
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 HELOCPlus+ 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.
What's a HELOCPlus+? Good question. Read more about the HELOCPlus+ here.
Right now, we're offering an introductory1 rate of 5.99% APR for six months on the HELOC part of the HELOCPlus+.
After the introductory fixed-rate period, the APR will vary based on the prime rate plus a margin2 ranging from 0.24% to 2.29%. As of Oct. 1, 2024, the prime rate was 8.00%. Current variable rates range from 8.24% APR to 10.29% APR.
And if you use the HELOCPlus+ 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 introductory rate offer is 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. Cannot be combined with other special promotions. Property insurance is required. All rates and offers are subject to change without notice.
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
Equal Housing Opportunity Lender