Home Equity Line of Credit (HELOC)

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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