HELOC & Home Equity Loans

A Home Equity Loan or Line of Credit (HELOC) with Horizon allows you to benefit from all the blood, sweat, and tears you put into your home. With a loan or line of credit, you can use your equity for long-awaited renovations, consolidate debt, or make a major purchase. 

 

 

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Home Equity Line of Credit

A home equity line of credit (HELOC) can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds. HELOCs feature flexible repayment options and the rates are typically lower than credit cards.

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Home Equity Term Loan

A home equity loan is worth considering if you have a large one-time expense, or if you want to consolidate debt and focus on paying it off. It offers fixed rates and a steady repayment schedule for the life of the loan.

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Disclosure

*Introductory APR (Annual Percentage Rate) will be fixed at 6.19% APR for the first 3 months for those lines with up to 89.9% loan to value (LTV). Thereafter, the rate may vary. The rate is based on credit score, LTV and Prime Rate + 0.25%. The Prime Rate equals the highest Wall Street Journal (WSJ) prime rate as published in the WSJ effective the date the 3-month introductory period expires. WSJ prime rate effective 3/23/2023 is 8.00% APR. Example: credit score of 730+ and LTV of 70% or less will have a rate of 8.25% as of date of publication following the introductory period. Maximum rate is 25%. APR will not fall below a floor of 3.25%. Annual fee is $50, waived for first year. Reimbursement fee up to $399 applies if line is closed within the first 36 months. A minimum draw of 25% of approved loan amount is required to be disbursed at time of loan closing. Subject to credit approval. Other terms and conditions may apply and are subject to change without notice. Oer expires May 31st, 2023.

What Can Home Equity Loans Be Used For?

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    Why Choose a Home Equity Fixed-Rate Loan?

    A Home Equity loan gives you easy access to the equity in your home to pay for home improvements, college tuition, and more.  And, rates are typically lower than credit cards or other unsecured loans. Fixed-rate loans make budgeting easy because your monthly payments remain the same over the life of the loan.
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    Today's low home equity rates*

    Home Equity Term Loan rates are typically much better than other high-rate credit cards and are often great options for debt consolidation. 

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    What about Payments?

    With a Home Equity Term Loan, you pay a fixed interest rate. One of the main benefits of a fixed rate is that whether interest rates rise or fall, your monthly payments won't be affected because your rate is fixed for the life of the loan so you will have lower borrowing costs. We do have other options, check out our home equity options – including a line of credit. 

Home Equity Advice

Special Ways to Boost Equity with DIY Home Improvements

Woman holding clip board

Home equity is the difference between your home’s market value and what you still owe on it. Home equity loans can pay for major home renovations, college tuition, and more. One way to increase home equity is through home renovations that boost your home’s resale market value. But major renovations, like kitchen or bathroom remodels, can be quite expensive and can even increase property taxes. Below, we outline some do-it-yourself home improvements you can make this fall!

Paint the walls. While a bright red wall or decorative wallpaper can be fun, current homebuyers are drawn to neutral, lighter walls. Paint your walls cream, light gray, or another neutral color that lets potential homebuyers envision their lives there. Also, consider that homebuyers prefer specific colors for specific rooms.

Redo your ceiling. Say goodbye to the popcorn ceiling. These ceilings can be redone easily, even by beginners! A simple, smooth white ceiling can brighten your home and leave room for accent walls, furniture, and more for future buyers.

Install new hardware. Whether you’re looking for ornate or minimalist hardware, new handles and faucets can make a difference in the kitchen and bathroom. While installing new cabinets can be challenging, swapping out outdated hardware is relatively simple.

Paint the cabinets. Beginners can install new cabinets, but it’s even easier to paint your current ones. With a coat of paint and new hardware, your kitchen will look brand new – all on a budget.

DIY to Get a Home Equity Loan

If you’re making home improvements yourself, you likely have even more projects and renovations in mind. Start with these lower-cost DIY projects to build your home equity. Once you do, you can secure a home equity loan to fund bigger projects. Contact a Horizon Bank advisor today to learn more. 

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