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Is your family outgrowing your home, but you cannot afford to buy something bigger at this time? Maybe you are ready to sell, but your house needs some updates before you can put it on the market. A Home Equity Line of Credit (HELOC) might be a great fit for expanding your budget and maximizing your options.

Since a home is the biggest asset that most people will ever own, the best ways to spend HELOC money are improvements to increase a home’s value. In terms of adding value to the home, many people choose to invest in renovating existing rooms or adding more usable space. Here are 21 home improvement projects to put on your to-do list for 2021. Whether you are looking to completely renovate a kitchen, add a home office or just change up some of your fixtures, there is a project for you.

HELOCs

HELOCs are attractive to homeowners needing cash for spending or emergencies because they offer easy accessibility with the repayment flexibility of credit cards, but with annual percentage rates (APRs) that are half as high, potentially saving the borrower hundreds or thousands of dollars in interest charges over time. When home prices go up, homeowners may have more equity in their homes and are treated to more borrowing power through a HELOC.

Home Equity Loans

Home Equity Loans are a great way to put the equity in your home to work for you. You can use the money for a variety of things. Here are top ways to use this low-interest loan:

• It’s flexible for home improvement needs

• Pay for education expenses as it is a low-cost option to pay for college

• Cover wedding and honeymoon costs

• Pay off or consolidate debt

• Be prepared for emergencies and future expenses

Metro Credit Union

With lower rates than other types of loans, a HELOC could be the key to helping you pay for a major expense without having to jeopardize your credit or rack up debt on high-rate credit cards. Understand more about a Home Equity Line of Credit through Metro’s FREE Save and Succeed financial resource. To apply for a HELOC, simply fill out Metro’s easy-to-use online application and you will be on your way to feeling comfortable with your finances and achieving satisfaction with your home.