What Is A Home Equity Line Of Credit. A home equity line of credit or heloc is a type of home equity loan that allows you to borrow cash against the current value of your home. It s a line of credit that allows you to borrow against.
A home equity line of credit also known as a heloc is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher interest rate debt on other loans footnote 1 such as credit cards. Heloc are a fixed rate line of credit with a set term. Heloc funds can be used to remodel your home pay for college or even take vacations.
A home equity line of credit or heloc pronounced he lock is a loan in which the lender agrees to lend a maximum amount within an agreed period called a term where the collateral is the borrower s equity in their house akin to a second mortgage.
A home equity line of credit or heloc pronounced he lock is a loan in which the lender agrees to lend a maximum amount within an agreed period called a term where the collateral is the borrower s equity in their house akin to a second mortgage. It s a line of credit that allows you to borrow against. When it makes financial sense a heloc can work well as a tool for homeowners needing cash now due to the typically low interest rate and freedom to choose what the money is used for. A home equity line of credit also known as a heloc is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher interest rate debt on other loans footnote 1 such as credit cards.