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

Putting home ownership within reach for a diverse workforce

How jumbo loans can help home buyers and your builder business

5 financial benefits of investing in a vacation home

How to prepare for a natural disaster

Checklist: financial recovery after a natural disaster

What you need to know about renting

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

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

Is it cheaper to build or buy a house

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

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

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

Preparing for homeownership: A guide for LGBTQ+ homebuyers

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

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

Bringing economic opportunity to underserved communities one home at a time

Community activist achieves dream of homeownership

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

Your guide to breaking the rental cycle

DIY home projects 101: tips from a first-timer

Checklist: 6 to-dos for after a move

What are conforming loan limits and why are they increasing

Military homeownership: Your guide to resources, financing and more

Webinar: Uncover the cost: Building a home

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

The lowdown on 6 myths about buying a home

Home buying myths: Realities of owning 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

Are professional movers worth the cost?

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

Quiz: How prepared are you to buy a home?

What is a mortgage?

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

Building a dream home that fits your life

10 ways to increase your home’s curb appeal

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

How you can take advantage of low mortgage rates

What is an escrow account? Do I have one?

Is it the right time to refinance your mortgage?

What to know when buying a home with your significant other

What is refinancing a mortgage?

These small home improvement projects offer big returns on investment

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

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

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

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

Webinar: Mortgage basics: How much house can you afford?

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

Webinar: Mortgage basics: Finding the right home loan for you

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

Webinar: Mortgage basics: 3 Key steps in the homebuying process

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?

8 steps to take before you buy a home

6 questions to ask before buying a new home

4 questions to ask before you buy an investment property

10 uses for a home equity loan

Webinar: Uncover the cost: Home renovation

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