A Home Equity Line of Credit—Think Outside the Home First, a quick explanation: A HELOC, as it’s been nicknamed, is a line of revolving credit that uses the available equity in your home. You’ve earned that equity, thanks to hard work and time—don’t forget you can use it, if necessary. And here’s a good piece of news—interest rates on a home equity credit line are typically lower than a standard credit card. In other words, it’s another useful tool to eliminate credit card debt, remodel the kitchen, buy a car or relieve other financial obligations. Many HELOC customers use it for: Debt consolidation Educational costs Medical expenses Start-up business expenditures Vehicle purchases Home renovations Some key facts about a HELOC: 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, just by using your Mountain America Equity Visa® Card. There is no need to reapply. Plus, unlike almost any other type of consumer loan, the interest on a home equity loan may be tax deductible.** Why choose a Mountain America home equity line of credit? For a lot of good reasons, including these: Intro rates as low as 2.49% APR (Normally 4.00%)*** Interest-only options Up to 100% LTV combined financing No origination fees or closing costs options* No annual maintenance fees Potential tax advantages** Access via Equity Visa Card or check Borrow, repay and borrow again without reapplying
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