Time to Move or Time to Improve?
Q: Should I move to a new house, or stay put and make improvements to my current home?
A: Choosing to move to a new home or to make improvements to your current home is a big decision. Here, we’ve outlined the pros and cons
Moving to a new home
For most people, a home is the largest purchase they'll make during their lifetime.
Pros of moving:
Cons of Moving:
Improving your current home.
Now, let’s look at the option of improving your current home with a Home Equity Line of Credit (HELOC). A HELOC gives you quick access to cash by using your home as collateral. You can withdraw (aka, advance) the funds, as needed, over a period of time known as the draw period. When that ends, you can no longer advance funds and will have to repay the loan, with interest, over the repayment period.
You can also take out a Home Equity Loan (HEL), which will provide you with one lump sum that you start paying back immediately.
Pros of improving your home:
Cons of improving your home:
Whether you choose to move to a new home or to renovate your current home, we can help! Forest Area Federal Credit Union home loans, HELOCs and HELs offer competitive interest rates, easy eligibility terms and the personal service you've come to expect. Call, click or stop by today to learn more.
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