If you have been stuck at home these past few months, you might be thinking about some home additions like adding a pool, upgrading your deck, or building a patio. One way to finance these projects would be a Home Equity Loan or a Home Equity Line Of Credit (HELOC).
These loans let you borrow money using the equity in your home as collateral.
With a home equity loan, you borrow a lump sum of money repayable over a fixed term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment.
A HELOC is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit, by making a transfer into your checking account. A HELOC is a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.
To learn more about Home Equity Loans, call Jersey Shore Federal Credit Union at 1-888-322-2848. You can also view current rates online at JerseyShoreFCU.org. Visit Cape May County’s only community credit union located in the Rio Grande Plaza at 3301 Route 9 South, Unit #9 in Rio Grande, NJ 08242. Federally Insured By NCUA and Equal Housing Lender.