What is a home equity line of credit and what can it be used for?

October 11, 2022

Home equity may be used for more than just upgrades to your home. You may be able to use a home equity line of credit (HELOC) to pay for major expenses.

 

As a homeowner, you may be able to use the equity in your home to pay for major expenses with a Home Equity Line of Credit. This video shows how a HELOC is a flexible and convenient way for you to borrow funds against this equity for things like remodeling your home, consolidating debt or large purchases, even purchasing a car.

 

Ready to put your home equity to work for you? Learn more about HELOCs and apply online.

Related content

10 ways to increase your home’s curb appeal

DIY home projects 101: tips from a first-timer

Is it the right time to refinance your mortgage?

6 questions to ask before buying a new home

Should you buy a house that’s still under construction?

5 things to avoid that can devalue your home

What is a home equity line of credit (HELOC) and what can it be used for?

What is a mortgage?

What you need to know about renting

8 steps to take before you buy a home

Military homeownership: Your guide to resources, financing and more

What is refinancing a mortgage?

Are professional movers worth the cost?

What to know when buying a home with your significant other

Building a dream home that fits your life

Mortgage basics: How does your credit score impact the homebuying experience?

Mortgage basics: 3 key steps in the homebuying process

Mortgage basics: How much house can you afford?

Mortgage basics: Buying or renting – What’s right for you?

Mortgage basics: Prequalification or pre-approval – What do I need?

How you can take advantage of low mortgage rates

Mortgage basics: Finding the right home loan for you

Quiz: How prepared are you to buy a home?

Home buying myths: Realities of owning a home

Uncover the cost: Home renovation

Mortgage basics: What is refinancing, and is it right for you?

Tips for realtors to help clients get their homeownership goals back on track

How I did it: Bought a home without a 20 percent down payment

5 ways to maximize your garage sale profits 

Putting home ownership within reach for a diverse workforce

What’s the difference between Fannie Mae and Freddie Mac?

How jumbo loans can help home buyers and your builder business

Simple steps to be ready for a natural disaster

Checklist: financial recovery after a natural disaster

Pros and cons of a personal line credit

3 tips for saving money when moving to a new home

What’s a subordination agreement, and why does it matter?

Checklist: 10 things to look for when touring a home

How to sell and buy a home at the same time

Mortgages after retirement: Here’s what to know

Dear Money Mentor: What is cash-out refinancing and is it right for you?

Home improvements with the best ROI

Overcoming high interest rates: Getting your homeownership goals back on track

How we did it: Converted to solar power

PCS moving checklist for military spouses and families

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

How I did it: Bought my dream home using equity

Buying a home Q&A: What made three homeowners fall in love with their new home

House Hacks: How buying an investment property worked as my first home

Managing the impacts of appraisal gaps in a hot housing market

How I did it: Built living spaces to support my family

Spring cleaning checklist for your home: 5 budget-boosting tasks

Saving for a down payment: Where should I keep my money?

Your guide to breaking the rental cycle

Checklist: 6 to-dos for after a move

What are conforming loan limits and why are they increasing

Uncover the cost: Building a home

The lowdown on 6 myths about buying a home

4 ways to free up your budget (and your life) with a smaller home

Get more home for your money with these tips

Money Moments: Tips for selling your home

Money Moments: How to finance a home addition

How I did it: My house remodel

First-time homebuyer’s guide to getting a mortgage

Dear Money Mentor: When should I refinance a mortgage?

Beyond the mortgage: Other costs for homeowners

10 questions to ask when hiring a contractor

What is an escrow account? Do I have one?

These small home improvement projects offer big returns on investment

Should you get a home equity loan or a home equity line of credit?

Mortgage basics: What’s the difference between interest rate and annual percentage rate?

Is a home equity line of credit (HELOC) right for you?

How to use your home equity to finance home improvements

How does a home equity line of credit (HELOC) work?

Home equity: Small ways to improve the value of your home

Can you take advantage of the dead equity in your home?

4 questions to ask before you buy an investment property

10 uses for a home equity loan

Improving your credit score: Truth and myths revealed

What types of credit scores qualify for a mortgage?

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage and home equity products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Start of disclosure content