HELOC Help
Most Read HELOC Articles
Expanded Lesson
8 min read
Spring Cleaning with the Help of a Home Equity Line of Credit (HELOC)
Spring is right around the corner, and that means it’s time to get your home in shape. Spring cleaning is a time for cleaning, organizing and improving your living space. From adding a new deck to renovating your kitchen, there are so many projects to consider. However, spring cleaning home improvements can be costly. Depending on the size and scope of your project, you might need to borrow money. You can use a HELOC to help finance your spring cleaning plans. Learn more about how to use a HELOC to improve your home.
Expanded Lesson
7 min read
How Much Equity Do I Need for a Home Equity Loan?
One upside to owning a home is that you can start building equity. Once you pay off a certain percentage of your mortgage, you can use this equity to borrow money against your property by taking out what’s known as a home equity loan. This money is often used by homeowners to make repairs, pay down debt or invest in their education. If you are interested in borrowing against the equity you’ve built up in your home, learn more about how these loans work and how to qualify.
Expanded Lesson
7 min read
What are Home Equity Lines of Credit (HELOC) and Home Equity Loans?
If you are new to the world of Home Equity Loans and HELOCs, learn how these loans work and how you may be able to use them to your advantage.
Expanded Lesson
6 min read
What Is a Home Equity Line of Credit (HELOC) and What Can You Use It For?
Home equity lines of credit (HELOC) have a wide variety of uses. Read this article to learn more about how they work and how they can help you tackle your next project.
Other Helpful Calculators
Calculator
HELOC Calculator: Home Equity Line of Credit Calculator
The amount of equity available for a home equity loan or home equity line of credit is determined by the loan-to-value ratio of the home and the ratio requirements of the lender. A loan-to-value ratio is calculated by taking total mortgage debt (including any second mortgages or existing home equity loans) and dividing it by the current, appraised value of the home. The size of a home equity loan or line of credit will also depend on the loan-to-value requirements of the lender. Higher loan-to-value requirements can result in larger home equity loans or lines of credit.
Home Value Estimator
Use this calculator and compare home values in your neighborhood and discover big savings with Ent Credit Union.
HELOC Payment Calculator: HELOC - Home Equity Line of Credit Calculator
Repayment of a home equity line of credit requires that the borrower makes a monthly payment to the lender. For some home equity lines of credit, borrowers can make interest-only payments for a defined period, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate. During the repayment period, the payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments for the repayment period are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases.
HELOC Calculator: Consolidate Debt with Home Equity
Consolidating high-interest debt with home equity can help simplify your debt payments and save you money on interest payments. Use this calculator to see if a consolidation loan can lower your monthly and help you get out of debt.
Ready to put your home equity to work?
Apply for a HELOC or talk to a Lending Specialist.