Reasons to Consider a HELOC

A loan can be a great tool for managing current or unforeseen expenses, and because interest rates are good and term options are flexible, it’s a great time to consider securing a home equity line of credit (HELOC) - even if you don’t tap into it right away.

Here is a brief list of reasons why it’s better to apply now and have access to the cash, rather than wait.

Make a large purchase

You may find yourself in an unexpected predicament where you need to finance a large purchase, like a new major appliance.  Rather than financing it with a high-interest department store credit card, a loan would offer you the benefits of a lower interest rate and manageable monthly payments that better fits your current budget.

Make home repairs

Emergency home repairs can cause financial setbacks that never come at an ideal time, especially when insurance doesn’t cover the entire project. When you have an issue that requires immediate attention – a furnace or roof that needs to be replaced, a gas leak, or a blocked pipe – you might consider a loan. Having funds available is a safeguard to pay for emergency issues impacting your health and safety.

Cover unplanned emergency expenses

While it’s best to build an emergency fund to cover unexpected expenses, we sometimes find ourselves underprepared to handle what life throws at us. Reasons for an emergency loan include a job loss or major medical expenses. Using a loan can take can a little stress out of situations like this.

Learn more

Horizon’s online application process is convenient and secure. When you’re ready to get started, simply click here. If you prefer to talk with expert financial Advisors at Horizon Bank for details on which loan type is right for you, contact us today at 888-873-2640.