When it comes to borrowing money for the things you need, using your home’s equity is a flexible option. Equity is the difference between the appraised value of your home and what you currently owe on your mortgage. Home Equity Plus from DCCU allows you to tap into your home’s value with the flexibility of a line of credit and a fixed-rate loan – all in one. In today’s blog, we’ll examine Home Equity Plus and how it works, including its features and benefits.

How it works:
Home Equity Plus begins as a line of credit and allows you to conveniently convert up to 3 fixed-rate loan segments for a 5 or 10-year term. The available limit on the line of credit returns to the original line of credit limit as monthly principal payments are applied. By converting your remaining balance, you can lock in a fixed interest rate and steady monthly payment. Home Equity Plus can also help you find additional financial stability by consolidating high-interest debt or providing funds for a significant purchase.

Home Equity Plus can be a convenient choice for accessing your funds when needed while also having an option to convert that line of credit into a fixed-rate loan. Having access to both can even help provide more flexibility as your financial needs evolve. Convenience and flexibility aren’t the only benefits of Home Equity Plus, though. Here are a few additional benefits:

Cost-Effective
Competitive interest rates can be lower than comparable credit cards or unsecured loans, helping you save more over time.

Personalization
Tailor your borrowing to meet short-term needs or long-term financial goals.

Multiple Uses for Funds
Use your home’s equity for a variety of reasons – including home improvement projects, debt consolidation, education expenses, and more.

Rebate Eligible
Earn a 10% rebate on the interest you pay each month with our Rebate Program.

Is it right for you?
Home Equity Plus from DCCU can be a great choice if you're looking for a flexible borrowing option. We're here to help with any questions you may have! Stop by a branch or give us a call at 540-946-3200 and we'll be hpapy to assist! Learn more about DCCU's Home Equity Plus here. 

This article is for general information only and not intended to provide specific advice or recommendations for any individual.