What are Some of the Things a Home Equity Loan or Line of Credit Can be Used For?

September 14, 2016

This is another question we receive frequently at ENB. A home equity product can really be used for anything but there are some uses that we typically see.

Common Uses for a Home Equity Loan:

  • Home Improvement
  • Large Purchases
  • Higher Education
  • Debt Refinance
  • Emergency Funding

Home Improvements

Many people use a home equity product to improve or repair their home. Examples of such items, include, but are not limited to a roof replacement, window replacement, building an addition to their home or refinishing their basement.

Large Purchases

Large purchases can be difficult to save up for and pay in full. With a home equity product, you can finance the purchase of a car, motorcycle, all-terrain vehicle or even a home entertainment system.

Higher Education Finance

Need help filling the gap between your higher education savings, grants, scholarships or student loans and what you still owe for tuition? A home equity loan or line of credit can help you bridge that gap.

Debt Consolidation

Stuck with higher loans? Refinance your car loan, credit card or other personal loans at a lower rate provided by a home equity.

Emergency Funding

Searching for a sense of security? Customers are able to apply for a home equity line of credit to use in case of an emergency. Should you have a medical emergency or lose your job, with a home equity line of credit these funds will be available to you when you need them.

If you have more questions, visit our HomeLine page or if you’d like to speak with someone, give us a call at (717)733.4181, or contact us today!