In September 2024, the Federal Reserve cut interest rates. Current predictions indicate that they’ll most likely again cut interest rates in 2024, and continue to do so into 2025.
What does this mean for you? Rates on loans will be more affordable, giving you more borrowing power. One of the most affordable ways to borrow is with a home equity line of credit (HELOC). Learn how to apply for this loan and the different ways you can use your home’s equity to save big money.
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Why choose Arsenal?
Almost all financial institutions offer HELOCs. Very few give you the power to borrow and save more.
When you choose Arsenal, you can borrow up to 100 percent of your built-up equity. Most lenders allow between 60 to 80 percent. This extra boost gives you more room to expand your budget on big home projects or debt consolidations.
Closing costs on HELOCS include things like appraisal, title, flood certification and recording fees. They typically cost between $500 to $1,500. You pay nothing when you apply with us.
How do I apply for a home equity loan?
Just visit our home equity page and fill out this quick form. A home equity specialist will reach back to you shortly with more information on how to fill out your electronic application. Or, you can email home equity specialist, Tracey Fleischman, directly.
Contact a home equity specialist
Take care of holiday shopping
What can you do with a HELOC? Anything you want. The money is yours to use however you see fit.
If you need to take care of holiday shopping for gifts, meals and travel accommodations, interest rates on HELOCs are much lower than consumer credit cards. You’ll get all of the holiday joy without the New Year hangover.
Consolidate holiday debt
If you do decide to use credit cards for holiday shopping, or if you have high-interest credit card debt from the past, a HELOC is a low-rate option for consolidating.
A HELOC can help you “merge” all of your monthly credit card payments into a lower monthly bill. In fact, after applying for your loan, we’ll take care of mailing final payments to your prior creditors and closing any accounts. Your credit score may even go way up.
Get out of the Midwest for a minute
Escape the winter-weather blues with a trip to somewhere much warmer. Whether it’s a Caribbean cruise or a beach in Cancun, you’re in control to escape during the colder months.
Tackle your home projects
You might need a new hot water heater or windows to keep the heat in during the winter. Or, maybe you’re looking to tackle some big projects in the spring so you can have a fun summer. Coordinating contractors and construction takes a while, so apply for your HELOC now to prepare for big upcoming projects.
When you add to the value of your home, then sell, your HELOC could actually be making you money in the long run. There’s only one way to see what you can do with a HELOC. Contact us today.
