September 2026: Home & Finance Update

A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow against your home’s equity as you need it. You have a set credit limit that you can draw funds when you need them, and as you pay the balance down, that available credit can become available again. You only pay interest on the amount you actually borrow, rather than the entire credit line.

One thing to keep in mind is that HELOCs typically have two phases: a draw period, when you can access your available funds, followed by a repayment period, when you can no longer draw additional funds and must focus on paying back the balance. The terms can vary, so it’s important to understand how your specific HELOC is structured.

Now that you know how a HELOC works, you may be wondering when homeowners typically use one. Because a HELOC gives you ongoing access to a portion of your home’s equity, it can be a flexible option for expenses that happen over time rather than all at once. Some homeowners use a HELOC for home improvement projects, while others may use it to help cover education expenses, consolidate higher-interest debt, or prepare for major life events. 

Of course, a HELOC isn’t the right fit for everyone. Since your home is used as collateral, it’s important to understand the terms, payments, interest rate, and potential fees before moving forward. HELOCs also typically have variable interest rates, which means your payment could change over time.

So, how do you know if it makes sense for you? Start by thinking about what you’re hoping to accomplish with the funds and whether a HELOC fits comfortably within your overall financial plan.

Did you know payment history is one of the biggest factors in your credit score? Setting up automatic payments can be a simple way to help avoid missed payments and stay on track with your credit.

Your credit score can play an important role when you’re getting ready to buy a home, refinance, or apply for other types of credit. Here are several seven habits that can help you build and maintain a stronger credit profile over time:

1. Check your credit report. Start by reviewing your credit reports and making sure everything looks accurate. If you find an error, take the time to dispute it.
2. Pay your bills on time. Payment history is one of the biggest factors that can affect your credit score. Setting up automatic payments can be an easy way to help avoid missed payments.
3. Keep your credit card balances low. Even if you pay your cards off each month, keeping your balances low compared to your credit limits can help your credit profile.
4. Be thoughtful about opening new accounts. It can be tempting to open a new credit card for a discount or special offer, but too many new accounts or credit inquiries in a short period of time may work against you.
5. Don’t rush to close old accounts. Older credit accounts can be part of your credit history, so think twice before closing a paid-off account.
6. Know that rent and utility payments may help. Depending on the credit-scoring model, rent and utility payment history may be considered when calculating your score.
7. If you’re struggling with debt, ask for help. Working with a legitimate, nonprofit credit counselor can help you create a plan to manage your debt and get back on track.

Building better credit doesn’t happen overnight, but small, consistent habits can make a difference. It’s never too early to start paying attention to your credit and understanding where you stand. 

Sometimes a few small updates to your home can make a bigger difference than you’d expect. Whether you’re thinking about selling someday or just want to keep your home looking its best, curb appeal is an easy place to start.

You don’t have to take on a major renovation, either. Fresh landscaping, a few colorful plants, a clean walkway, updated house numbers, or even a fresh coat of paint on the front door can give your home a whole new look. Keeping up with simple maintenance, such as cleaning windows, clearing gutters, and repairing cracked walkways, can make a difference, too.

While these projects can make your home more welcoming, they may also help support its value over time. If you’re looking for a weekend project, take a walk around your property and see what stands out. You might be surprised by how much you can change with a few simple updates!