It is no secret, over the past 24 months, the real estate market has been hot across much of the U.S. In the Tampa Bay area, home values were up more than 11 percent in October 2021 year-over-year, according to figures by realtor.com. Increased home values may lead to additional opportunities for homeowners, but what about those who plan to stay put? Good news! There are many opportunities to leverage the equity in your home, without selling.
Homeowners may also benefit from increased home values by considering a home equity line of credit (HELOC). HELOCs are offered as a revolving line of credit—as you repay your outstanding balance, your line availability is replenished. With a HELOC, your payments are based on the amount drawn on your line, not the total credit available to you. Additionally, lenders typically offer HELOCs at a better interest rate than an unsecured line of credit because they are secured by your home. The use cases for a HELOC are nearly endless—use your line of credit for home renovation projects, fund education costs, or even pay down high interest debt.
The Bank of Tampa offers HELOCs and residential mortgages, including construction-to-permanent loans and lot loans, to qualified borrowers*. At The Bank of Tampa, we portfolio our loans, meaning we don’t sell anything off to larger banks. When you bank with us, you get community bank service, through the life of your loan. Additionally, we offer local decision-making and access to your full banking team throughout any loan process and beyond.
If you are interested in learning more about The Bank of Tampa’s residential mortgage and HELOC products, please contact our Client Service Center at (813) 872-1200, and we would be happy to connect you with a specialist.
* Subject to credit approval.