Reasons to Consider a Home Equity Line of Credit Today


Whether it’s making a major repair, sending a child off to college, getting finances back in order or finally making the upgrade to a dream kitchen or backyard – Colonial’s Home Equity Line of Credit (HELOC) may be the perfect way to help Texas residents put those dreams within reach. Whether it’s making a major repair, sending a child off to college, getting finances back in order or finally making the upgrade to a dream kitchen or backyard – Colonial’s Home Equity Line of Credit (HELOC) may be the perfect way to help Texas residents put those dreams within reach.

What is a HELOC?

According to the Consumer Financial Protection Bureau (CFPB) website, “A HELOC is a line of credit that allows you to borrow against your home equity. You can borrow over time using special checks or a credit card.” By this definition, a HELOC will be similar to having a new credit card available, where the credit limit is based upon your existing home equity and an agreed-upon duration set between you and your bank. The CFPB website continues:

“For most HELOCs, you can borrow money only for a specified time, starting when you open your account. During this time, known as the “draw period,” you can borrow money and you must make minimum payments. When the draw period ends, you will no longer be able to borrow money from your line of credit.”

Having a set period of time to use or reuse this line of credit can be very beneficial for making several medium sized transactions over time, one large transaction up front, or a combination of the two. What you do with the line of credit is entirely up to you.

What can I use a Home Equity Line of Credit in Texas for?

With Colonial’s Home Equity Line of Credit, the choice is yours! Use the funds as you wish. Texas residents can take advantage of this product to:

  • Consolidate and pay off high interest credit card debt or student loans
  • Purchase large ticket items such as a car, furniture or wedding expenses
  • Start or invest in your new business
  • Remodel your home by adding a pool, renovating the kitchen, adding a bath or expanding the patio

What if I don’t live in Texas? And what about a Home Equity Loan?

If you are not located in Texas, or are looking to only obtain one loan product rather than a continued access to credit – you’re still in luck. Colonial’s Home Equity Loan is available in most other states*. Our Home equity loans also offer a wide variety of amortization periods, which is the length of time allowed to pay back a loan. They also offer more choices for people with less-than-perfect credit, as well as fixed rates so your rate can never go up and the interest paid may be tax deductible.** You can learn more about our Home Equity Loans by visiting our website.

Have Questions? Ready to Apply?

We are here to answer any questions you may have about our HELOC. Simply fill out this form and someone will be in touch with you right away, or visit www.GoHELOC.com to learn more about our HELOC specifics. Or if you’re already to take the next step, you can apply online today!

 

Rates and terms subject to change without notice. This is not a firm offer or notice of pre-approval. All applicants are assessed following a completed application and request for credit. All loans subject to credit approval and underwriting.

*Colonial’s Home Equity Loan may not be available in every state. Please contact us to see if your state is included

**Consult your tax advisor

 

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