About Home Equity Lines of Credit
A Home Equity Line of Credit is a revolving line of credit that allows homeowners to borrow against their home equity as needed. Similar to a credit card, borrowers can access funds up to a predetermined credit limit and only pay interest on the amount they use. HELOCs usually have variable interest rates and consist of a draw period, during which the borrower can access funds, followed by a repayment period. It can help borrowers create a positive household cashflow and generate a quick avenue for future cash needs.
Common Uses of a HELOC:
- Home Improvements
- Debt Consolidation
- Emergency Expenses
- Education Expenses
- Investment Opportunities
Timing
Fund in as little as 5 days!