If you are looking for a way to fund a remodel to your Central Ohio real estate it is important to remember that a Home Equity Line of Credit (HELOC) is still one of the least expensive ways to borrow money.  A HELOC is an account set up and borrowed against your Central Ohio home.  When a loan like this is set up, one can borrow what is needed, not necessarily having to take out the full amount of the loan.

One big benefit of a HELOC is that the monthly payments are typically interest only and reflect only the amount spent, not the full amount available to borrow.  Interest is typically anywhere from 0.75 to 1.5 on top of the prime interest rate, which is currently about 3.25%.

It is possible to secure a HELOC if you have equity in your Central Ohio home.  Of course, it is not a wise idea to borrow any money today if you don’t have a secure source of income.  However, if you have been wanting to make some changes to your Central Ohio home or borrow some money for education or travel, a HELOC is one of the most affordable ways to do so.

Click here to read an article from The Dispatch regarding HELOCs.

If you are looking to buy or sell a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.

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