拥有房屋净值的房主可以将其用作循环信贷，并在使用房屋净值信贷额度时以其为抵押借款, otherwise referred to as a HELOC. It’s easy to get a HELOC, 当你需要以优惠的利率快速获得资金时，它就会派上用场了.
What is Home Equity?
房屋净值是你房屋的当前市场价值减去你所欠的金额. For example, let’s say your home appraised value is $200,000, and you have $80,000 that you still owe on the mortgage. In this case, you have $120,000 in home equity ($200,000 - $80,000). Not sure what the value of your home is? When you apply for a HELOC at Arbor Financial, 申请过程将包括房屋估价，它将告诉您房屋当前的大致市场价值. 请记住，大多数贷方只会借出高达90%的贷款与价值比率.
At Arbor Financial, you can have a line of credit using the equity in your home starting at $10,000 and borrow against it, similar to a credit card, only at much lower interest rates than a credit card. You can take advances from your HELOC as often as you’d like, and there are no restrictions on how you spend the money! Plus, 您可以添加可选的贷款保护，如果您变得残疾，将接管您的贷款支付, deceased, or unemployed.
Here are 10 common uses for your home equity line of credit (HELOC)
1. Pay for home improvements.
One of the more popular uses of a HELOC is for home improvements, 而那些能让你的房子增值的东西，让你使用HELOC变得物有所值. 只是要注意哪些项目会真正增加你的房子的价值，哪些项目可能不会. New paint, hardwood floors, and kitchen improvements are all projects that typically yield increased value, whereas a garage conversion may not. Or, 也许你打算在房子里住一段时间，只是希望通过购买新家具使它更舒适、更有吸引力.
2. Pay off credit cards or other higher-interest debt.
Debt consolidation is another common use of home equity. If you have credit card debt, 那么你支付的利息很可能是HELOC的两到三倍. 根据Datatrac的数据，截至2023年5月1日，全国信用卡平均利率为16.80%**. Rolling your credit card debt into a HELOC could save you hundreds, if not thousands of dollars, in interest.
You must also be cautious when using your HELOC for debt consolidation. Having a solid debt consolidation plan and sticking with it is the key here. 评估一下为什么你有这么多的信用卡债务，以及如何避免增加债务.
3. Pay for education.
Using your HELOC to help pay for education is an alternative to student loans. Before tapping into your home's equity, evaluate all your lending options to help pay for education, including terms and interest rates.
4. Fund a vacation.
Living in Michigan, you know all about the craving for vacations, especially during the long winter months. 如果你必须借钱去度假，那么利用你的HELOC是一个选择. 大多数金融专家都认为，将房屋净值用于度假是不明智的, 如果你没有适当的计划，你可能会发现自己陷入麻烦. 然而，有了一个可靠的还款计划，它可以是一个非常方便的选择.
5. Cover medical expenses.
Medical expenses can be high, even with insurance. Using your low-interest HELOC may be a good choice. In most cases, you will find the interest rate from a HELOC to be the most competitive rate; since you are borrowing from your own home's equity. 然而，在支付医疗费用时，回顾一下你的选择是有意义的.
6. Use as a down payment for a second home.
Ah, so you want a second home, a vacation home, a cottage on the lake, or someplace remote in the woods for that annual hunting trip? 利用你第一套房子的资产可能正是你所需要的，帮助你为第二套房子融资. Before you start to tap into that equity though, you may want to discuss the best strategy for acquiring a second home with an Arbor Financial mortgage specialist. At Arbor Financial, 我们有几个抵押贷款的选择，以帮助您进入您的第一或第二家低至没有首付的选择，同时避免私人抵押贷款保险.
7. Use as a down payment for rental investment property.
利用你的股权可能是一个完美的解决方案，以获得一个伟大的租赁投资物业. You could use it as a down payment, or in many cases, you could possibly fund the entire purchase with your HELOC. Like any other property purchase, it makes sense to talk to a professional about your lending options. Click here to talk with one of our commercial loan specialists.
8. Use as an extra buffer in case of emergency.
Ideally, 你应该有一个应急基金，至少存够三个月的生活费. However, if you don’t have that much cash saved in your savings account, or you need more savings than expected, a HELOC can help create a cushion in case of emergencies. Keep in mind, you don’t need to borrow money from your HELOC if you have one.
9. Use it to help build your credit.
开立HELOC可能是你建立信用档案的一种方式，就像信用卡一样. 如果您为此目的开设HELOC，那么负责任地使用它是很重要的, make all payments on time, 在打开它之前和别人谈谈，以确保你知道所有可能的优点和缺点.
10. Use it to pay for landscaping.
用你的HELOC来支付景观美化项目是一个很好的方法，可以帮助你的家人更多地外出，并可能增加你的房子的价值. Whether it’s adding a pool for your kids to play, a fire pit for friends and family to gather, or a porch for your new grill and family dinners, a HELOC can help make your dreams a reality.
How to Get a Home Equity Line of Credit
无论您是在Arbor Financial还是其他地方持有第一笔抵押贷款，您都可以申请HELOC. 您可以选择从10,000美元的信用额度开始借款，为期10年*. 这意味着你可以在任何时间以你批准的任何金额提取你的资金，只支付提取金额的利息. Arbor Financial不收取HELOC的年费，也不收取申请费. However, some closing costs may apply.
Once you apply for a HELOC, a lending specialist will arrange for a home appraisal or home valuation, which will determine your home's market value. Once approved, you will have access to your home equity line of credit!
*Subject to credit approval. 自动估值模型(AVM)将用于确定HELOC请求的权益，金额低于75美元,000. 如果会员不同意AVM的价值，他们可以选择自费购买评估. 根据每个成员的具体情况，贷款有结算成本. Subject to change without notice.
**Analysis by Datatrac as of 5/1/2023.
