{"id":12336,"date":"2023-06-05T15:11:25","date_gmt":"2023-06-05T21:11:25","guid":{"rendered":"https:\/\/www.iccu.com\/?p=12336"},"modified":"2024-08-14T11:33:50","modified_gmt":"2024-08-14T17:33:50","slug":"5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc","status":"publish","type":"post","link":"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/","title":{"rendered":"5 Stand-Out Ways to Use a Home Equity Line of Credit (HELOC)"},"content":{"rendered":"\n<p>What\u2019s the first thing you think of when you hear the word \u201cloan\u201d? Chances are it isn\u2019t the phrase \u201cHome Equity Line of Credit.\u201d On one hand, that\u2019s more than fair \u2014 a HELOC, after all, isn\u2019t exactly your run-of-the-mill traditional loan.<\/p>\n\n\n\n<p>\u2026 And yet it\u2019s arguably one of the most powerful.<\/p>\n\n\n\n<p>In honor of that, we thought we\u2019d share the most popular ways HELOCs are used, plus the best tactics to follow (and worst mistakes to avoid).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-but-first-what-is-a-heloc\">But first, what is a HELOC?<\/h2>\n\n\n\n<p>Don\u2019t worry, a <a href=\"\/loans\/home-equity-loans\">Home Equity Line of Credit<\/a> isn\u2019t as complicated as it sounds. At its core, a HELOC lets you borrow against your home\u2019s equity, empowering you to make large purchases without putting everything on a credit card. For homeowners, HELOCs are a useful tool in a variety of situations, ranging from home renovations to debt consolidation and most things in between.<\/p>\n\n\n\n<p class=\"has-lighter-gray-color has-light-green-background-color has-text-color has-background\"><em><strong>Equity Example:<\/strong> Your home is worth $200K but you only owe $150K. That means you have $50K in equity. Most of that equity, typically 80 percent, can be used in a HELOC.<\/em><\/p>\n\n\n\n<p>When you use a HELOC, you can enjoy these benefits, among others:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Easy access to your home\u2019s equity<\/li>\n\n\n\n<li>Ability to make interest-only payments<\/li>\n\n\n\n<li>Flexibility to deposit and withdraw money without penalty<\/li>\n\n\n\n<li>Lower interest rate than a typical credit card<\/li>\n\n\n\n<li>Potential tax-deductible interest (depending on how you use the funds)<\/li>\n<\/ul>\n\n\n\n<p>Those advantages are every bit as cool as they sound, but it\u2019s vital that you weigh them against some of the disadvantages, too:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest rate can change<\/li>\n\n\n\n<li>Home becomes collateral<\/li>\n\n\n\n<li>Home equity diminishes<\/li>\n\n\n\n<li>Easy to rack up an outstanding balance<\/li>\n<\/ul>\n\n\n\n<p><em><a href=\"\/blog\/financial-education\/heloc-dos-and-donts-a-step-by-step-guide-to-home-equity-lines-of-credit\/\">[Read: HELOC Do\u2019s and Don\u2019ts: A Step-by-Step Guide to Home Equity Lines of Credit]<\/a><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-ways-to-use-a-heloc-pros-and-cons\">5 Ways to Use a HELOC: Pros and Cons<\/h2>\n\n\n\n<p>Okay, now for the fun part: spending. Since your available home equity is probably higher than your <a href=\"\/blog\/financial-education\/understanding-the-difference-between-debit-and-credit-cards\">credit card limit<\/a>, a HELOC gives you the chance to fund big goals and projects. Though a HELOC can be spent on practically anything, <strong>most HELOC transactions fall into one of five buckets \u2014 home renovations, tuition, vehicles, debt consolidation, and emergencies.<\/strong><\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/2-Five-Stand-Out-Ways-to-Use-a-HELOC-Home-Renovations-1200x800.webp\" alt=\"paint brush laying on cans of green paint\" class=\"wp-image-12319\" srcset=\"https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/2-Five-Stand-Out-Ways-to-Use-a-HELOC-Home-Renovations-1200x800.webp 1200w, https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/2-Five-Stand-Out-Ways-to-Use-a-HELOC-Home-Renovations-600x400.webp 600w, https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/2-Five-Stand-Out-Ways-to-Use-a-HELOC-Home-Renovations-768x512.webp 768w, https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/2-Five-Stand-Out-Ways-to-Use-a-HELOC-Home-Renovations-1536x1024.webp 1536w, https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/2-Five-Stand-Out-Ways-to-Use-a-HELOC-Home-Renovations-2048x1365.webp 2048w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-home-renovations\">1. Home Renovations<\/h3>\n\n\n\n<p>A HELOC can transform your current home into your dream home. In fact, renovations are easily the most common HELOC purchase we see. Finish that basement, upgrade to granite countertops, replace your windows, you name it \u2014 a HELOC can help you tackle whatever project is on your list.<\/p>\n\n\n\n<p>With a HELOC, your minimum payments are also interest-only, meaning your monthly payment could be much smaller than on a regular loan. That allows you to gain more control. You can choose which project you\u2019d like to start first, pay the smaller payment while the project is underway, pay the rest off when you\u2019re ready, and then move on to the next project easily \u2014 all with the same line of credit.<\/p>\n\n\n\n<p><strong>But keep one thing in mind:<\/strong> If you make interest-only payments throughout your entire loan, you\u2019ll need to pay the entire principal at the end of your HELOC\u2019s 10-year term. We recommend making both interest- and principal-based payments whenever possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-tuition\">2. Tuition<\/h3>\n\n\n\n<p>Whether you\u2019re considering school for yourself or your kids, a HELOC might be an affordable way to do it. Avoid high-interest federal or private student loans and pay for tuition faster with a HELOC\u2019s <a href=\"\/blog\/financial-education\/the-low-down-on-low-interest-rates\">low interest rate<\/a>. It also gives you the flexibility to pay for any additional college expenses that regular student loans may not offer.<\/p>\n\n\n\n<p>Before deciding between a student loan and a HELOC, compare the pros and cons of each. Say, for instance, you go the HELOC route. (Remember, you only pay interest on the money you\u2019re actively using.) Take just enough money to cover tuition and housing, then withdraw more later if needed. By customizing the timing of your withdrawals, you can wind up paying less total interest.<\/p>\n\n\n\n<p>The opposite is true for a student loan. Because you receive the money in one lump sum, you pay interest on the entire amount \u2014 even if you don\u2019t use all of it. That said, a student loan features a fixed rate, which tends to be much less stressful than a HELOC\u2019s variable rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-new-car\">3. New Car<\/h3>\n\n\n\n<p>People often use a HELOC to buy a car when they (or the car) don\u2019t qualify for an <a href=\"\/loans\/vehicle\">affordable auto loan<\/a>. A car loan\u2019s interest rate is determined by several factors, including the vehicle\u2019s year, the loan\u2019s length, and your credit score. While lenders still require a credit check before they give you a HELOC, they don\u2019t take your car into consideration, which might help you save on interest.<\/p>\n\n\n\n<p>Buying a car with a HELOC can be an effective short-term strategy, but it\u2019s risky if you\u2019re looking to build <a href=\"\/wealth\">long-term wealth<\/a>. If you think about it, you\u2019re practically trading part of your home\u2019s equity for that new car, which will inevitably depreciate. That\u2019s not the end of the world if the car is relatively inexpensive, but as with any loan, you definitely want to compare the short-term and long-term benefits of both before making your decision.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-consolidate-debt\">4. Consolidate Debt<\/h3>\n\n\n\n<p>Most consumer loans have a higher interest rate than a HELOC. High rates can prolong the time it takes to <a href=\"\/blog\/financial-education\/navigatedebt\">pay off your debt<\/a> \u2026 and you end up paying more in interest. By moving most of your debt to a HELOC, you have the chance to pay it down faster. It also equips you with flexible payments, which allows you to pay more when you are able and less when things are tight. Again, interest on a HELOC depends on the amount withdrawn; as you continue to pay down your HELOC, you pay less interest.<\/p>\n\n\n\n<p>Be sure to only use as much of your HELOC as you feel comfortable paying off, though. HELOCs feature such low rates because they\u2019re less risky for lenders \u2014 after all, your home is used as collateral. That means that if you default on your HELOC payments, you run the risk of losing your home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-medical-expenses-and-other-emergencies\">5. Medical Expenses and Other Emergencies<\/h3>\n\n\n\n<p>There\u2019s a difference between saving a little for a rainy day and financing a full-blown emergency. In fact, <a href=\"https:\/\/www.cnbc.com\/id\/100840148\">medical emergencies<\/a> are the #1 cause of bankruptcies in the US.<\/p>\n\n\n\n<p>Enter the HELOC. When your <a href=\"\/accounts\/personal-savings-accounts\">savings account<\/a> falls short, a HELOC can pick up the slack. It tends to have a higher limit than a credit card, which helps you fund large, unexpected costs without skyrocketing your <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/credit-education\/debt-to-income-ratio\/\">debt-to-income ratio<\/a>. (The lower the better \u2014 aim for 30 percent or below.)<\/p>\n\n\n\n<p>Plus, one of the best things about a HELOC is that the interest only accrues for the amount used. This means that if you have a HELOC already open but haven\u2019t withdrawn anything, you don\u2019t pay any interest at all. It can remain open and untouched until you need it. Then when you have an emergency, you get the advantage of a lower interest rate than what you\u2019d typically find on a consumer loan or credit card.<\/p>\n\n\n\n<p class=\"has-lighter-gray-color has-light-green-background-color has-text-color has-background\"><strong style=\"font-style: italic;\">Interest Example:<\/strong><i> You take out a $50K HELOC and only use $10K. Your interest only accrues on the $10K that you used, not the entire $50K line of credit.<\/i><\/p>\n\n\n\n<p>You can\u2019t get a HELOC in a day, though, so we suggest applying for one <em>before<\/em> an emergency hits you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interested-in-getting-a-heloc-of-your-own\">Interested in getting a HELOC of your own?<\/h2>\n\n\n\n<p>Not only can you do a variety of things with a HELOC, but HELOCs are a great and secure way to borrow responsibly. ICCU Home Equity Lines of Credit also offer many great features, including low interest, and flexible monthly payments. Check out our&nbsp;<a href=\"\/loans\/home-equity-loans\">HELOC products<\/a>&nbsp;and apply for yours today!<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A HELOC isn\u2019t exactly your run-of-the-mill traditional loan \u2026 and yet it\u2019s arguably one of the most powerful. Here&#8217;s a peek at the most popular ways HELOCs are used, plus the best tactics to follow (and worst mistakes to avoid).<\/p>\n","protected":false},"author":5,"featured_media":12345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[89],"tags":[92,93,185,208,217,218,385,386],"class_list":["post-12336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-education","tag-financial-education","tag-personal-finance","tag-loans","tag-mortgage","tag-heloc","tag-home-equity","tag-home-equity-line-of-credit","tag-credit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Stand-Out Ways to Use a Home Equity Line of Credit (HELOC) - ICCU<\/title>\n<meta name=\"description\" content=\"At its core, a HELOC lets you borrow against your home\u2019s equity, empowering you to make large purchases without a credit card ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Stand-Out Ways to Use a Home Equity Line of Credit (HELOC)\" \/>\n<meta property=\"og:description\" content=\"At its core, a HELOC lets you borrow against your home\u2019s equity, empowering you to make large purchases without a credit card ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/\" \/>\n<meta property=\"og:site_name\" content=\"ICCU\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/IdahoCentralCreditUnion\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/IdahoCentralCreditUnion\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-05T21:11:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-14T17:33:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/5-Stand-Out-Way-to-Use-a-HELOC-Featured-Image.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"530\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"ICCU\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Idaho_Central\" \/>\n<meta name=\"twitter:site\" content=\"@Idaho_Central\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ICCU\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/\"},\"author\":{\"name\":\"ICCU\",\"@id\":\"https:\/\/www.iccu.com\/#\/schema\/person\/dd9140c89706c5ddd694ffbe26867e8e\"},\"headline\":\"5 Stand-Out Ways to Use a Home Equity Line of Credit (HELOC)\",\"datePublished\":\"2023-06-05T21:11:25+00:00\",\"dateModified\":\"2024-08-14T17:33:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/\"},\"wordCount\":1298,\"publisher\":{\"@id\":\"https:\/\/www.iccu.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.iccu.com\/wp-content\/uploads\/2023\/06\/5-Stand-Out-Way-to-Use-a-HELOC-Featured-Image.webp\",\"keywords\":[\"Financial Education\",\"Personal Finance\",\"Loans\",\"Mortgage\",\"HELOC\",\"Home equity\",\"Home Equity Line of Credit\",\"Credit\"],\"articleSection\":[\"Financial Education\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/\",\"url\":\"https:\/\/www.iccu.com\/blog\/financial-education\/5-stand-out-ways-to-use-a-home-equity-line-of-credit-heloc\/\",\"name\":\"5 Stand-Out Ways to Use a Home Equity Line of Credit (HELOC) - 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