As you may know, Carolina Trust has recently partnered with WBTW News 13's Living Local Carolina show for a Financial Friday segment. During one of our recent Financial Fridays, we had the opportunity to visit one of our members' beautiful home in Murrells Inlet, SC and talk about Home Equity Loans and Lines of Credit with our Mortgage Loan Officer, Kelly Rowland.
During this segment, Kelly explained the difference in a Home Equity Line of Credit, a Home Equity Loan, and the best time to use them.
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a credit line that individuals can apply for using the equity in their home as collateral. HELOCs are a convenient way to consolidate debt, pay for an expensive home or car repair, pay for home improvements, and more. Once you get approved for your line of credit, you simply borrow what you need, when you need it.
Home Equity Loan
Similar to a HELOC, a Home Equity loan allows you to use your home's equity to cover significant expenses that require a large sum of money at one time, such as home improvements, family vacations or unexpected expenses.
If you're like me, knowing that there are options to finally do those home renovation projects that I have been putting off, makes me want to get to work.
Picture This! Home Renovation Contest
We want to thank all who participated and shared their home renovation projects and stories. The contest has now ended but don't forget to subscribe to receive emails about future promotions, contests and information.