Home Equity Line of Credit (HELOC)
- A home equity line of credit, or HELOC, allows a homeowner to pull their home’s equity to borrow money.
- A home equity line will use your equity as the collateral.
- Many lenders set the credit limit on a home equity line by taking a percentage of the home’s appraised value and subtracting from that the balance owed on the existing mortgage
- You can choose from a variety of term options, and you only need to pay when you actually tap the line.
- One other added benefit is that the interest on your home equity financing may be tax deductible
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