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Brandon Laughridge is a marketing specialist for Mortgage Loan Place. His focus is on creating tools and content that help real estate professionals better serve their customers over the internet.
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Justin McHood is part of the Arizona Mortgage Team at VanDyk Mortgage, based out of Phoenix. He has 6 years of experience and is a prolific mortgage blogger.
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Robert Griffin, a thirteen-year veteran of the mortgage industry, specializes in reverse mortgages and has earned the accolade of No. 1 reverse mortgage broker in the Southwest three times.
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.
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Other sites with good HELOC info: