Bragg Mutual FCU
Bragg Mutual FCU

How a Home Equity Line of Credit Benefits YOU

What is a HELOC?

A home equity line of credit (HELOC) is a convenient financing option that allows you to borrow money against one of your greatest assets — your home. As such, it can be drawn when you need the money instead of borrowing as a lump sum, as is common with home equity loans. It offers the flexibility to borrow money as needed, up to a given credit limit, to cover your varied financial needs.  Whether it’s debt consolidation, home improvement, tuition fee, unexpected emergencies, or anything else that stands on your priority list, a HELOC can bring relief.

Tax Benefits

HELOCs come with potential tax benefits. If you use a home equity line of credit to make improvements to your home, you could possibly qualify for additional tax credits and deductions.

Debt Consolidation

A HELOC can be your way out of rising debts as it offers the option of consolidating all your debts into one, so you have just one monthly payment designed to be lower than the sum of all your previous outstanding debts.

Lower Interest Rates

HELOCs are a better alternative than unsecured loans like credit cards or personal loans as rates tend to be lower, and interest paid may be tax-deductible. In fact, according to recent reports, a variable-rate HELOC average rate at other banks and credit unions was about 6.75 percent as of May 2019, while variable-rate credit cards through other banks and credit unions offered an average rate of about 17.78 percent. HELOC’s and credit cards at Bragg Mutual are much lower than the average rate. Considering the interest is only charged on what you borrow, HELOC loans are typically less expensive and may be a great way to consolidate debt or do home improvements.

When thinking about your financial needs, remember Bragg Mutual FCU HELOC loan can help. When managed correctly, a home equity line of credit can give you an added level of financial security for the future. Don’t hesitate to speak to one of our loan specialists to better understand if a home equity line of credit might work for you.

*Subject to credit approval. Rates disclosed reflect our best rates and may be different based on credit underwriting or services used. All loan or deposit rates are subject to change without prior notice. The information posted here is a service to our members. Although BMFCU strives for information accuracy, we do not guarantee or warrant information posted here. **Variable rate data sourced from

It’s Better Banking for Everyone.

PHONE (910) 222-1500