SMARTLAB by Logix

If your home is worth more than the total mortgage balance plus any property liens - congratulations! You have what those in the real estate game call "equity". Bust out the confetti cannons because the good news keeps on coming. Homeowners can borrow against their equity using a home equity line of credit (HELOC) to achieve a variety of financial goals.

Similar to a credit card, HELOCs come with a pre-set credit limit you can borrow against whenever you need the funds. But unlike credit cards, HELOCs use your home as collateral. This helps reduce the cost of borrowing and could mean higher credit limits. However, not all HELOC spending is created equal.

Here are some ways to use HELOC funds to improve your financial standing and your lifestyle.

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After much time and research, you've done it - you've found your dream home. Now that your offer has been accepted and your lender has already pre-approved you, it is time for the home appraisal. But how much is the home worth? That’s the question at the heart of an appraisal. Home appraisals find out if the asking price is different than the actual value of the property. The value of the property will determine what the lender will loan you.

An appraisal is the expert opinion that defines the value of a property. But why is the lender so interested in the home appraisal, you may ask? A home appraisal protects the lender by using the home as collateral for the loan, making sure that their investment is indeed, worth the amount that they loan to a borrower. It also helps you  not only to understand what the state of the home is, but it protects you from paying too much for a home.

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For most, the home-buying process can be a stressful journey. Finding the right lender can be the difference between lumbering along a bumpy road and a smooth ride leading straight to your dream home.

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Buying a home is one of the most exciting and important decisions of your life. Before you go to an open house and get your heart set on your dream house, it’s a good idea to prepare. Knowing what you want and what you can afford, and understanding the mortgage process are all big pieces of the puzzle.

You’ll need to know your credit health and monthly budget. This will determine what you can afford.

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For starters, Logix is a not-for-profit cooperative, so earnings are returned to members through better rates, lower fees, improved services, and increased reserves to maintain unmatched financial strength. We really do want to earn your business! Please read on to learn more about how we set rates for some of our most popular accounts.

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