What Is A Home Equity Line Of Credit?

What is a home equity line of credit? If you’ve been looking for a way to get a little money out of your home without selling it, you’ve probably come across this option, known as a HELOC for short. Now that you're no doubt wondering what a home equity line of credit is going to do for me, let me clarify. What is a home equity line of credit? Like a "second mortgage", a HELOC allows you to borrow money using the equity in your home as collateral. What differentiates a HELOC is that it’s like a credit card: You can borrow on an as-needed basis, up to the loan’s limit, over the term of the loan (usually 5 to 20 years). In fact, your lender will issue you a small plastic card that looks just li

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Doug Colliflower

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