2. Replace your roof |HELOC

A leaky roof can be a costly nightmare, and you can’t put off making those repairs. But a full replacement is one of the most expensive repairs you’ll ever need to make as a homeowner. What’s a homeowner to do, especially if you’re strapped for cash?

Guaranteed Rate Affinity’s new HELOC offers one of the quickest turnaround times you’ll find. You may be approved for a line of credit within minutes and your funds could be deposited into your bank account within 5-10 days. There’s no need to delay an expensive – but absolutely necessary – roof repair if you have the home equity available to cover that cost.

3. Finance other home improvement projects

There’s no shortage of home improvement projects to tackle: add an en-suite bathroom to your bedroom, turn your unfinished basement into its own living area or even build a pool in your backyard. These may all seem like impractical additions if you don’t have tens of thousands of dollars burning a hole in your bank account. But a HELOC can offer more financial flexibility to turn your house into the home of your dreams.

4. Consolidate high-interest debt

Getting a handle on high-interest debt can be tough. It might feel like you can never get ahead with the high-interest payments that can come with credit cards and payday loans. One of the advantages of a HELOC is an interest rate that’s typically lower than many other types of financing.

Because HELOCs offer much lower interest rates compared with personal loans and credit cards, they can be a great vehicle for consolidating that debt. You’ll clear the books on your high-interest accounts, giving yourself more financial flexibility (not to mention peace of mind).

5. Cover college tuition

Higher education costs have been steadily rising for years. According to U.S. News & World Report, the average tuition to attend an in-state, public university is $10,388 per year. If you or your children plan to go to a private school or an out-of-state university, you can expect that number to be even higher.

How can you cope with sky-high tuition? Just tap into the funds provided by a HELOC. You don’t need a college degree to see how easy that is.

6. Pay tax bills

Salaried employees usually don’t have to worry too much about owing income taxes each April due to tax withholdings. But if you’re self-employed or an independent contractor, you may need to pay an entire year’s worth of income tax all at once. Coming up with several thousands of dollars on short notice can be tricky, to say the least.

Again, having a line of credit to draw from whenever necessary can be a huge help. The caveat here is that a traditional HELOC may require a 60-day lead time to fund your loan, so you’ll want to plan accordingly. Although, if you use Guaranteed Rate Affinity’s new HELOC, you could have access to your HELOC funds in 5-10 days.

7. Foot the bill for a special event

Budgeting is a homeowner’s best friend, but if you don’t have the funds on hand to cover large-ticket items, a HELOC can work too. Special events like weddings can get pretty pricey, and taking on high-interest debt will only make them more expensive in the long run.

If you have a home equity line of credit, that’ll open a new source of funds to pay for everything from hotel rooms and event venues to caterers and entertainment. That’s one less thing to worry about so you can enjoy these once-in-a-lifetime events.

Find the best use for your HELOC

Can you use a home equity line of credit for anything? Yes, you can! Once your line of credit is open, you can use those funds any way you like during the draw period: pay for recurring expenses, one-off costs, existing debts – you name it.

A HELOC is a major financial obligation – you’re taking out a second mortgage on your home, after all. So, you want to be absolutely certain that you’re ready to take on the responsibility to make two payments each month. In the right circumstances, though, a HELOC gives you more breathing room to pay for any cost that might come up.

Ready to take advantage of your home equity? Start by getting in touch with a loan officer today to enjoy all the benefits that a HELOC has to offer.

(My HOME in GEORGIA Team | Coldwell Banker is affiliated with guaranteed Rate Affinity)