Arcadia Chamber of Commerce - The Connection to the Business Community

HELOC Offers Financial Flexibility – Info from Prestige Capital and Tracy Shaw

Home equity levels are at historic highs, with the average American homeowner having access to $212,000 in tappable home equity, while still leaving 20% equity intact. This increase in accessible funds combined with lower interest rates has spawned an uptick in Home Equity Lines of Credit (HELOCs).

Why Choose a HELOC?
A HELOC allows you to leverage home equity for any purpose, much like a credit card. Some of the most popular reasons to do this are:

Pay off high-interest debt at a lower rate
Finance home improvement or repairs
Pay for college tuition and expenses
Start a business
Use as a down payment for investment property

Choose a Lender You Trust
Homeowners should be aware, this growing interest in HELOC loans has also spurred fraudulent activity from scammers. This includes creating fake checks to withdraw funds, or outright impersonating a homeowner through identity theft to open this type of revolving line of credit.

Homeowners using a HELOC may protect themselves several ways, including:

Only work with a lender that you know and trust
Regularly monitor your credit reports and check for new or unfamiliar accounts
Set up account alerts to be notified of any new activity
Keep your HELOC account secure, using VPN and multi-factor authentication
Don’t share sensitive information, or respond to suspicious emails or calls

My team and I are just a phone call away, if you have any questions about how you may benefit from leveraging your home equity! We’re here to help you manage your mortgage to meet your short- and long-term goals.

Cheers!

Tracy Shaw
President NMLS # 913749 | CalBRE # 01894272