Home Equity Line of Credit
In need of financial assistance for a project or purchase? At Peach State Bank, we offer financial solutions like a Home Equity Line of Credit (HELOC) to Georgians in need of additional capital.
Whether you are looking to renovate your home or need to consolidate debt, our consumer lenders can help you navigate finances.
HELOC Options at Peach State Bank
Different than traditional consumer loans, a Home Equity Line of Credit or HELOC uses the equity you have in your home as the collateral you borrow against. With a HELOC, the more your home is worth, the higher the line of credit that can be borrowed becomes. These loans are based on the equity you have, meaning the difference between the value of your home and how much of your mortgage is still owed.
Calculating Your Home Equity Line of Credit
When trying to determine the HELOC amount you’ll qualify for, it’s important to understand the appraisal value of your home and your current mortgage balance. If you’re interested in applying for a HELOC, you can get an idea of what you may be approved for using our easy online home equity credit-line calculator.
Uses for a HELOC
A home equity line of credit can be used to finance a variety of things. Many homeowners who apply for a HELOC leverage the funds for larger purchases or to consolidate debt. Some of the more common uses for a home equity loan include:
Debt Consolidation
To help consolidate debts, homeowners can use a HELOC to pay off balances on credit cards or other expenses. This allows you to combine all debts into a single payment rather than multiple.
Tuition Expenses
If you have decided to go back to school or want to finance your child’s college tuition, a HELOC may be the perfect solution. The funds from a HELOC can be used for tuition or to pay off student loan debts.
Home Renovations
A HELOC is popular for homeowners looking to renovate or add on to their property. You can use these funds to upgrade features, aesthetics, and appliances to increase the overall value of your house.
Additional Real Estate
Many homeowners and property managers utilize a HELOC to invest in additional properties. You can leverage the equity in a current property to put a down payment on a vacation home or rental property.
Need help with a second mortgage? Our mortgage specialists can help you find the best option for your needs.
Learn More About Mortgage Loans
Apply for a HELOC at Peach State Bank
If you’re a homeowner looking for financial assistance, a home equity line of credit at Peach State Bank may be the solution you need. Whatever you need to finance, our helpful Peach State Bank Lenders can help you decide if a HELOC is the best option for you.
To start your application, speak with one of our experienced consumer lenders at one of our convenient locations today or contact us for more details.