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Home Equity Line of Credit
A home equity line of credit, also known as a HELOC, is an on demand loan that can be called by the borrower for any amount under a certain limit within an agreed upton time frame. The difference between a HELOC and a traditional home equity loan is the fact that a HELOC borrower does not borrow the full amount up front.
You may be asking yourself, "Why would anyone opt for a home equity loan over a home equity line of credit?" Well, the interest rate on a home equity loan is fixed and the HELOC rate is variable depending on when the borrower draws on the funds.
Like any other mortgage product, you must maintain a certain level of equity in your home and prove your income can adequetely cover the payments.
More Home Equity Resources
Other sites with good HELOC info:
