Blog Post

Six tips when considering a HELOC for Home Renovations

Samuel Collins • April 16, 2018

Homeowners looking to undertake home renovations in the Triad can often use a home equity line of credit or HELOC to finance their projects. Here are six quick tips on how to shop for and manage a HELOC:

Shop around. Comparison shop to get the best rate. There are many great local lenders in Winston and Greensboro that will do a great job and have competitive rates.

Ask about the margin. If you're offered a rate that's lower than the competition, it's probably just an introductory rate, so ask about the lender's margin. For example, if the introductory rate is 3.5 percent and your lender's margin is 2 percent, your final interest rate will be 5.5 percent.

Consider a conversion clause. Some HELOCs allow you to convert a variable interest rate to a fixed rate, usually during the draw period (5-10 years).

Watch out for balloon payments. Balloon payments mean that you must pay the balance in full when the draw period is up. Do not choose this option unless you have the financial means to handle it.

Create a family plan. Decide what the money will be used for and who will handle the funds. Keep in mind, you can lose your home if the HELOC is not handled properly. Create a payback plan. Come up with a reasonable plan for how the loan will be paid back.

Schedule a time to see this home today!

Stay in touch

  • SOLD

    Write your caption here
    Button

  • SOLD

    Write your caption here
    Button

  • SOLD

    Write your caption here
    Button

  • SOLD

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

  • Slide title

    Write your caption here
    Button

4013 Limestone Ct Clemmons NC 27012 For Sale

By Samuel Collins • December 12, 2024
Stunning Like New Home For Sale in The Landing at Rocklyn Neighborhood Located in Clemmons, NC - zoned Forsyth! Built in 2021 this Gorgeous Home has been Meticulously Maintained w/ Many Additions & Unique Features! Open Concept Kitchen w/ Stainless Steel Appliances & Updated Hardware, Cozy Living Room w/ Gas Fireplace, & Dining Room Perfect for Entertaining. Main Level Laundry Room w/ Storage. Flex Bonus Room Upstairs & Private 3rd Bedroom/Guest Suite Option w/ Additional Heating & Cooling Mini Split Addition for Maximum Comfort. Fresh Agreeable Grey Paint Throughout w/ Updated Light Fixtures. Covered Front Porch, Covered Back Patio (18x8), & Amazing Private Back Deck(16x31) w/ Stunning Nature Views. Walk In Finished Storage Room/Attic Not Included in Finished SqFt. Fridge/Washer/Dryer & All TV's Including Samsung Frame TV's to Remain in Addition to other Items. Monthly HOA Dues $160 (Landscaping) & $550 Annual (Amenities). Agents: Please See Features & Personal Property to Convey List

5079 Ozark Rd Winston Salem NC 27105 FOR SALE

By Samuel Collins • December 5, 2024
Super Cute & Contemporary Home For Sale in Winston - Salem, NC! Spacious & Open Concept Living, Dining, & Kitchen w/ Ample Storage Throughout. Primary Located on the Main Level w/ Walk in Closet & Full Bath. Two Bedrooms & Full Bath Located Upstairs w/ Split Layout. 1 Car Garage Perfect for Storage or Parking. Amazing Back Yard w/ Plenty of Room for Play & Activities! Quiet Neighborhood & Super Convenient to Highway access & shopping. Showings Start Friday 12/6/24 schedule your future visit Today!

1721 Briar Lake Rd Winston Salem NC 27103 For Sale

By Samuel Collins • September 8, 2024
1721 Briar Lake Rd Winston Salem NC 27103 Remarks

109 Canipe Ln Jonesville NC 28642

By Samuel Collins • August 31, 2024
Adorable Move in Ready Cottage Home located in Jonesville, NC! Main Level Living w/ Two Spacious Bedrooms and One Shared Hall Bathroom. The Generous Kitchen has plenty of Cabinet Storage and Countertop Space w/ Laundry Room conveniently located, but neatly tucked away. 2021 Windows, 2021 Roof, 2021 HVAC, 2021 Flooring, 2021 Kitchen & Bath - just to name a few of the many updates this great Home has to offer! Quiet setting w/ 1.71+/- acres of land. Schedule Your Private Showing Today!

5831 Brookway Dr Winston Salem NC 27105

By Samuel Collins • July 11, 2024
Move right into this charming single level brick ranch with main level double car oversized garage! Pulling up the paved drive to the oversized two car garage you'll be greeted by mature trees. Spacious rooms throughout the home and adorable Primary Suite! The kitchen is perfect for chefs and entertainers with space for plenty friends or family to the open den with the cozy fireplace. Convenient to the main level laundry room and garage. Tasteful updates throughout the home will make it easy to personalize to your style. Covered porch overlooks the fenced in and shady backyard. The Covered front porch is a great place to sip on a little something and wave at your neighbors. Additional room for storage off the garage for tools, hobby, or toys. HVAC replaced in 2022 and showings start on July 11th so schedule your future visit today!

4445 Bridalcreek W Winston Salem NC 27106 For Sale

By Samuel Collins • June 6, 2024
Coming Soon! Reserve Your Appointment Time Today

2544 Wildwood Dr Trinity NC 27370 For Sale

By Samuel Collins • May 18, 2024
2544 Wildwood Road, Trinity, NC 27370
6622 Doral Dr Tobaccoville NC 27050

6622 Doral Dr Tobaccoville NC 27050

By Samuel Collins • May 9, 2024
All offers due Sunday 4PM 5/12/24! Cute Cozy A-Frame nestled back off the road with +/-1 Acre for plenty of space for fun and pets. Home lives larger than expected with semi-open first floor featuring bamboo mural in living room that blends indoor and outdoor spaces. Dining area looks out double glass doors over deck and backyard. Rustic Beams in Vaulted ceiling of Primary Bedroom. Contemplate the universe in the clouds of your coffee on the front patio framed by bamboo or party with friends on the back deck perfect for BBQ's! Detached Garage Workshop with 240v for plenty of hobbies/work needing power, currently in use as a Potter's Studio. Showings begin Thursday, May 9th: Reserve your tour time today!

Winston Salem Pro Realty Group

By Samuel Collins • April 18, 2024

305 Auburndale St Winston Salem NC 27104 For Sale

By Samuel Collins • April 10, 2024
305 Auburndale St Winston Salem NC 27104 Charming Cottage for Sale in the Adorable Neighborhood of Oak Park, Centrally Located in Winston-Salem! This Sweet Home Offers an Abundance of Flex Space, Natural Light, Charm & Many Outdoor Play Options. Enter into the Cozy Living Room w/ Wood Burning Fireplace off the Covered Front Porch. The Updated Kitchen Features Granite Countertops, Plenty of Cabinet Storage, & Stainless Steel Appliances. Picturesque Formal Dining Room w/ Cute Built Ins. Spacious Laundry Room w/ WFH Office Space. A Private Oversized Primary Suite w/ Sliding Glass Door leading to the Primary Suite Deck. Partially Covered Back Deck Perfect for Evening Hangouts and BBQ's. Spacious & Flat Fully Fenced in Back Yard w/ Gardening Shed & Detached Garage (sold as is) w/ Tons of Potential for Storage or Hobby Space. Play-set/Fridge/Washer & Dryer to Remain. Per Previous Owners Recent Window Replacements Throughout Main Home (not including garage/crawlspace windows) & 2021 Heat Pump. See
Show More
Share by: