Fall Fix-it Projects with a Home Equity Line of Credit

Maintenance and upkeep of a home can be expensive. Sometimes maintenance projects were planned for; other times you might be caught completely off-guard. Either way, Lincoln Savings Bank has a simple financing option that can help you fund your fix-it projects, it’s a home equity line of credit.


A home equity line of credit (HELOC for short) is essentially a second mortgage that works like a credit card. So, depending on how much your home is worth, and how much you’ve paid on your mortgage already; you can have a borrowing limit of a percentage of your home’s value, less the balance remaining on your mortgage. This turns your home’s value into cash you can access as needed, and you are able to borrow against that equity to complete projects.


A home will need some repairs or maintenance over time, but if you’re on a tight budget, price can stand in the way of getting the improvements you need. Using a home equity line of credit  allows you to make those repairs while reducing the stress over cost.

Consider a Home Equity Line of Credit for These Fall Fix-It Projects
Although the funds in a home equity line of credit are available to use on any expense, the best use is for home repairs that will help your home maintain its value or especially the projects that increase its value. The following are a few examples of fall fix-it projects that would be perfect for a home equity line of credit.
  • Exterior maintenance. While not exciting, every home will eventually need to make exterior repairs, such as replacing the roof or siding. The cost of such projects varies based on the size of your home and will be a big improvement.
  • New windows. Like roofs and siding, windows do not last forever and can be costly. But upgrading to more energy-efficient options can increase the value of your home and save you money.
  • Replacing a furnace or water heater. The average furnace lasts about 18 to 20 years. Water heaters have a life span of about 10 to 13 years. If your furnace and/or water heater are nearing their expiration dates, replacing them is something you shouldn’t wait to fix.  
  • Home renovations. It’s easy to dream of ways to improve your home, whether it’s finishing a basement, installing new flooring, or remodeling a kitchen or bathroom, but such projects can be expensive.

All of the projects listed above do not require you to save the full amount ahead of time. With a home equity line of credit, you can complete that project now and pay for it over time. But remember, like with other ways to borrow, only borrow with a HELOC in an amount you are confident you can pay back.


If you have questions, let us help! Contact us at one of our locations to learn how we can help you make improvements to your home with a home equity line of credit.

Lincoln Savings Bank, Member FDIC, Equal Housing Lender