If you are searching for a flexible, affordable lending product that maximizes your freedom and convenience, consider applying for a home equity line of credit (HELOC).
What is a HELOC?
A home equity line of credit allows you to borrow against your home equity. As the name suggests, you access your funds using a line of credit.
What Can You Do with a HELOC?
One of the advantages of applying for a HELOC is that you have freedom to use the funds as you desire. Here are just a few of the ways you can use your home equity line of credit:
- Consolidate debts.
- Make repairs to your home.
- Upgrade your home.
- Create an emergency fund.
- Invest in something else.
- Pay for education.
- Take a trip.
You can tell us how you plan to use your funds during your consultation, and we can help you figure out if a HELOC may suit you.
Benefits of HELOCs in Illinois
If you qualify for a HELOC, here are the benefits you can look forward to:
- As discussed above, you get to decide how you will use your funds.
- Since the HELOC is structured as a line of credit, you can just borrow the amount you need, and only pay interest on that amount.
- You might only need to make payments on interest during the draw period.
- There may be an opportunity for a tax break when you use a HELOC to improve your home.
- A HELOC is as convenient and easy to use as a credit card. But with a HELOC, you can enjoy higher limits. Additionally, your interest rates on a HELOC will typically be more affordable.
- When you make timely payments after drawing on your home equity line of credit, you can raise your credit score. Your credit portfolio will also be more diverse with a HELOC.
Do You Qualify for a Chicago HELOC?
In order to qualify for a home equity line of credit, you will need at least 15-20% equity in your home to borrow against.
We also will take a look at your credit score, DTI ratio and income.
Apply for a HELOC in IL Now
Applying for a HELOC can be fast and easy with the help of MidAmerica Bancorp, Inc. Let’s get you the flexible, affordable funding you need to achieve your goals. To begin, please give us a call today at (708) 237-4050 to schedule your consultation. We can work with you in Chicago or anywhere in the state of Illinois, Indiana, Florida, Michigan, Tennessee or Wisconsin.
