A HOROC credit line (Home Equity Line of Credit) is your all-in-one solution to manage both planned and unforeseen expenses. Regardless of whether you adapt your home to your family's changing needs or pay for college expenses, a heloc offers the flexibility and low prices you need to remain secure financially.
When planning College editions, a Heloc can cover food plans, technology, travel and more. “Helocs are more affordable and usually have lower interest rates compared to private student loans,” advises Gretchen Hashimura, Senior Member Relationship Consultant at Hawaiiusa Federal Credit Union, Lihue Branch. “Parents can withdraw funds as needed instead of lending a large flat amount in advance.”
For owners of condominiums and home losses, a heloc is invaluable. “It enables homeowners to finance large renovation projects such as kitchen conversions or floor coverings without refinancing or using personal loans with great interest,” says Helen Nguyen, branch manager at the Hawaiiusa Kakaako Financial Center. Life can be hectic, and if you have access to repairs, emergency calculations or special house reviews, you can easily breathe.
One of the best functions of a heloc is that you do not have to make payments or pay interest if you have no remaining amount. For example, if they are approved for a heloc, it is more than one credit card. It is therefore advisable to apply before you need them. In addition, you may be able to use the tax benefits connected to a heloc.
However, Gretchen and Helen offer some words of caution.
“A heloc shouldn't be your first line of defense against emergency costs,” says Helen. “The maintenance of a separate emergency fund is a must. A heloc can help supplement your emergency savings if necessary.”
“Remember that your home serves as a collateral for your heloc and the repayment can lead to foreclosure,” recalls Gretchen. “A heloc is simply a tool and helpful if you manage it responsibly.”
Contact With the Hawaiiusa team today to explore whether a heloc is a smart choice for you.
hawaiiusafcu.com
808.534.4300