Whether your roof needs a repair, you want to remodel your kitchen, or you have another expense coming up, you may find yourself in need of convenient and affordable financing.
If you have equity built up in your home, one way that you can get that financing may be through a home equity line of credit (HELOC).
A HELOC is a line of credit which works in a way similar to a credit card. As with a cash-out refinance, you borrow against your home equity, which becomes the collateral for the loan. But unlike with a cash-out refinance, you do not receive a lump sum of cash.
There are benefits to having a revolving line of credit instead of a lump sum of cash. Some of these are:
You borrow and pay interest on what you need, and only what you need. HELOCs do often carry a minimum draw requirement, so make sure the HELOC you are considering is right for you.
You can potentially borrow a large sum. The limit may be set to as much as 90% of the equity you own in your home.
A Kentucky HELOC may have a lower interest rate than a credit card.
Your closing costs for a home equity line of credit may be low, or you may not pay closing costs, depending on the product you choose.
You do not need to spend the money that you borrow through a HELOC on home-related expenses. You can use the funds on anything.
You may pick a repayment plan that fits your financial needs.
While home equity lines of credit have many advantages, they do have a few drawbacks as well. They are ideal for many borrowers, but for others, there may be other lending products which are equally or more suitable.
We can discuss your needs in detail during your HELOC consultation. If needed, we can advise you as to whether a HELOC or a different lending product will provide you with the greatest cost savings and convenience.
What Our Clients Are Saying
Borrowing against your home equity could provide you with the funds you need today for home improvement projects or any other personal expenses. To apply now, please call 502-238-9655 to schedule your HELOC consultation.
First Savings Bank Louisville is located on 295 N Hubbards Ln #302, Louisville. From Louisville International Airport (SDF) head southwest on Terminal Dr and take the ramp onto I-264 E. Then use the right 2 lanes to take exit 21 for KY-1447 W and use any lane to turn left onto KY-1447/Westport Rd. Finally, turn left onto Castleview Dr, turn right and First Savings Bank Louisville will be on your left.
Monday through Friday 8:30AM–5PM.
For additional questions you can call us at (502) 238-9655 or you can find us on Superpages.
First Savings Bank Louisville NMLS ID: 411341 is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.