Previously on this blog, we spoke to you about record-low home mortgages being offered by VacationLand Federal Credit Union, and about the variety of mortgage loan products to help you with the purchase of your next home, or help with refinancing an existing mortgage.

If you already own a home, perhaps a HELOC (Home Equity Line Of Credit) might fit your needs better. It’s a revolving line of credit that you can draw on, pay back, and draw on again for a set period of time, with a variable rate. It’s different from a home equity loan, but if you have equity in your home, you can also apply for a HELOC. Our maximum credit limit is $100,000. does a great job of explaining the differences between a home equity loan and a home equity line of credit. They begin by explaining that while they both depend on the same collateral, home equity loans and HELOCs have significant differences. Check out their list of key takeaway points to find out which type of loan makes sense for you.

If you determine a HELOC works for you, start enjoying the flexibility of a Home Equity Line of Credit (HELOC), and the convenience of having money at your fingertips.

Best for ongoing projects and expenses, you can use the money to pay for home improvements or other purchases like:

  • Debt consolidation
  • Vehicle purchases
  • Tuition payments
  • Vacation expenses

or any other financial need, while you’re saving money, too!

Even more innovative ways to use a HELOC during COVID-19 can be found at For instance, if you’re working from home, now is the time to use a HELOC to make your home office a bit more “work-friendly”. Or, maybe you have some medical expenses during this current pandemic. A HELOC might be the answer to financial relief for your ongoing expenses.

If you’re wondering what a HELOC might cost you, Prosper also offers a convenient HELOC Cost Calculator that will help you determine how much you can borrow against your home, depending on the home’s current market value and your outstanding mortgage balance.

But if you still have questions about your loan-to-value ratio, or obtaining your mortgage balance or credit score, don’t hesitate to reach out to one of our mortgage experts. They’re more than happy to help you determine your estimated HELOC line amount. Contact one of our Loan Specialists at 800-691-9299 today to see if you qualify and how we can help. We’re just a phone call away.

VLFCU is an Equal Housing Lender