A home equity line of credit, often referred to as a HELOC, is a flexible financial tool that allows homeowners to tap into the equity they've built in their homes. With a HELOC, you can access funds as needed, similar to a credit card, by borrowing against the difference between your home's current market value and the outstanding mortgage balance. HELOCs typically have lower interest rates than credit cards or personal loans, making them a cost-effective option for various financial needs, such as home improvements, education expenses or debt consolidation. Additionally, the interest paid on a HELOC may be tax-deductible in some cases, making it an attractive choice for savvy homeowners looking to leverage their home equity wisely.
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Helpful home equity line of credit articles and HELOC information
How does a home equity line of credit work?
A home equity line of credit (HELOC) is a type of loan that allows you to borrow against the equity in your home.
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Is it cheaper to refinance or get a home equity line of credit?
Looking for a way to access additional funding? If you own your home and have built up equity, a cash-out refinance or HELOC may be the right choice.