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7 Ways to Use a HELOC for Summer

 A father and son paint the new fence which was paid for with a HELOC.


Summer is the perfect time to take advantage of the flexibility and potential of a Home Equity Line of Credit (HELOC). Whether you are looking to achieve personal goals or manage expenses, a HELOC can provide the financial support you need. Plus, a HELOC from a military bank can offer unique benefits tailored to service members, veterans, military spouses, and their families. Keep reading to learn about how you can use a HELOC to make the most of your summer. But first, let's brush up on the basics of a HELOC.

HELOC Definition

A HELOC is basically a loan where you borrow against the equity in your home, similar to a credit card but with lower interest rates. You have a flexible borrowing period of 5-10 years, making interest-only payments initially. Later, you repay both the borrowed amount and the interest.

Top Ways to Use a HELOC this Summer

There are countless ways a HELOC can improve your life. Let’s explore how you can use a HELOC to fund your summer plans.

1. Renovate Your Home

Summer provides the ideal weather for tackling home improvement projects. Consider using your HELOC to spruce up your living space with renovations like a new deck for outdoor gatherings, a patio for dining, or landscaping to enhance curb appeal. Additionally, you might explore interior upgrades such as kitchen remodels, bathroom renovations, or finishing the basement.

Renovating during the summer not only increases the value of your home but also offers more flexibility in scheduling contractors and completing projects before the colder seasons arrive.

2. Fund a Trip

Planning a summer getaway? Before you start digging into your savings or reaching for your credit cards, consider utilizing your HELOC to finance a vacation instead. Whether you are dreaming of a relaxing beach retreat, an exciting European adventure, or an epic road trip across the country, a HELOC can be a great resource to fund your travel expenses. (It can help you cover the cost of flights, accommodations, rental cars, and more). Therefore, you can enjoy your summer getaway without worrying about draining your savings.

3. Consolidate Debt

If you are carrying high-interest debt from credit cards or personal loans, consider consolidating it with a HELOC. Using the equity in your home to pay off existing debts can have several benefits. For example, you can streamline your finances, lower your overall interest rate, and potentially save lots of money in the long run. This approach not only simplifies your debt management but also provides an opportunity to make further progress towards becoming debt-free.

4. Install a Pool

Dive into summer with a pool or hot tub installation financed by your HELOC. Converting your backyard into a personal oasis not only ensures endless summer fun and relaxation but also adds significant value to your property. Beyond the immediate enjoyment, a well-maintained pool can increase the resale value of your home and enhance your outdoor living space, creating cherished memories for years to come.

5. Cover Education Expenses

Investing in education can lead to personal and professional growth, so consider the long-term benefits when using a HELOC to cover educational expenses. Whether you choose to further your own education or invest in your children's learning experiences, summer can be a great time fund educational pursuits. Use your HELOC to cover tuition costs, workshop fees, or summer camp expenses, ensuring that you or your family members have access to valuable learning opportunities.

6. Create a Backup Emergency Fund

Summer can bring unexpected expenses like home repairs, medical bills, or car troubles. Having a HELOC in place can provide a crucial financial safety net for emergencies, offering peace of mind during the summer months. While it's important to maintain an emergency fund equivalent to three to six months' worth of living expenses, your HELOC can serve as an additional buffer for unforeseen costs that exceed your savings.

Utilizing your HELOC responsibly as a backup funding source enables you to navigate unexpected financial challenges confidently, knowing that you have a reliable option available to address emergencies without derailing your budget or causing unnecessary stress.

7. Upgrade Your Home Energy Systems

Keep your home comfortable and energy-efficient during the summer by using your HELOC to finance energy-saving upgrades. We suggest prioritizing the upgrades that offer the best ROI (return on investment), such as sealing air leaks, adding insulation, or installing programmable thermostats and solar panels.

You can also look into available incentives and rebates for energy-efficient upgrades in your area. This can help offset the initial costs and make your project more financially feasible. Ultimately, taking these steps will increase the value of your home while you get to enjoy a more comfortable living environment.

The Best Military Bank to Get a HELOC: Armed Forces Bank

As you gear up for summer, Armed Forces Bank encourages you to explore the possibilities with our HELOC options. Whether you're upgrading your home, consolidating debt, or covering educational costs, a HELOC gives you the power to have it all.

Here's what you can expect from a Home Equity Line of Credit from Armed Forces Bank:

  • Get a fixed introductory rate for 6 months to kickstart your projects.
  • Borrow up to 85% of your home’s value, with conditions and restrictions.
  • Enjoy low minimum monthly payments that fit your budget.
  • No annual fees with auto-draft payments.
  • Access funds with low or no closing costs.
  • Save money with lower interest rates than most credit cards.

With Armed Forces Bank's HELOC options, you have the resources to make this summer both productive and unforgettable. Start your journey and get a HELOC today. It’s time to unlock the freedom to pursue your summer goals!


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Subject to credit approval. Subject to collateral approval. Fees apply. Geographic restrictions apply. Documentation requirements may apply. Consult a tax advisor about tax deductibility.