Using a HELOC to Invest in Real Estate
May 18, 2022
Are you thinking about making a real estate investment? With properties in high demand and values rapidly rising, investing in a rental property or helping adult children with a down payment on their first house has been a popular way that many of our members are utilizing their homes’ equity.
The most convenient and cost-effective way to tap-in to your home’s equity is with a Home Equity Line of Credit, commonly known as a HELOC. With a HELOC, you draw on funds only when you need them. If you are considering a future real estate purchase, I recommend that you apply for a HELOC now so you will have immediate access to funds when the right opportunity presents itself. In this market, acting quickly with cash-in-hand will give you the advantage over competing offers.
HELOCs are also a great funding source for home additions and remodeling projects. Replacing the roof or siding, remodeling a kitchen or basement, and upgrading an outdoor patio will not only enhance your living conditions but will also improve the resale value of your home.
For a limited time, Goldenwest HELOCs are only 1.50% fixed annual percentage rate through the end of 2022 on cash advances taken prior to June 30th. Our online lending system makes it easy to apply for a HELOC. If you prefer a personal conversation with a loan officer, we are happy to meet with you in-person at one of our offices. Or call us at 800-283-4550 to speak with a home loan expert about your HELOC questions.
In other news, Goldenwest recently marked a significant milestone with a groundbreaking ceremony for a new corporate center at 5100 South Washington Boulevard in Washington Terrace, Weber County. The five-level, 99,000 square-foot, mixed-use building is under construction on a four-acre parcel of land that is west of Goldenwest’s current corporate headquarters in South Ogden, and north of the Credit Union’s Operation Center in Washington Terrace. The corporate center will provide office space for departments including mortgages, financial services, commercial services, and insurance. In addition to office space, the building includes collaboration meeting rooms, multi-use areas for corporate events, and an employee wellness center. The administrative offices and Board meeting rooms will also be relocated to the new corporate center. Construction is expected to be complete in September 2023.
Finally, I wish to extend my congratulations to Steve Carroll, Dan Musgrave, and Stoney Wayment who were re-elected to the Goldenwest Board of Directors. Furthermore, I express my heartfelt gratitude to Bill Hart who has diligently served as Chairman of the Board for more than a decade. Bill has stepped aside as Chair, but will continue serving the members of Goldenwest as a Director. The new Chairman of the Board is Dan Musgrave, with Tad Neuenswander as Vice Chair, and Noé Vázquez as Secretary.
The credit union model of people helping people is alive and well at Goldenwest! We value your membership, and thank you for choosing us as your trusted financial partner.