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A home equity line of credit, also referred to as a HELOC, is a flexible line of credit secured by the equity in your home that gives you a revolving credit line to use for large expenses or to consolidate higher interest rate debt on existing loans. With a 10-year interest only loan, you have the ability to draw from your credit line, make payments, and draw again as needed. These funds can be used at your discretion to complete home improvements, make college tuition payments, or whatever comes your way.
Even if you don’t have any specific expenses in mind yet but want a flexible line of credit for smaller repairs or to have “just in case,” a HELOC is a great option for you.
Benefits of a HELOC
What is home equity?
The equity in your home is the difference between any current mortgage balance you have on your home and its current market value. If you’re looking for a way to fund home improvement projects, you can tap into the equity of your home for assistance with a HELOC, providing extra financing options for the benefit of the homeowners.
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