An equity line, or HELOC as it is commonly known, is a line of credit secured by a lien on your home. As with commercial lines of credit, you are allowed to draw on your line at any time just by writing a check. HELOCs can be an excellent source of instant cash.
When your home goes up in value or when you make payments on your mortgage over time, you build equity in your home. Equity is the value of your mortgaged property minus the cost of what you owe on.
What is a home equity line of credit? A home equity line of credit, or HELOC, gives borrowers a line of credit in which to draw funds from as needed. Think of a HELOC like using a credit card, where your lender determines a maximum loan amount and you can take out as much money as you need until you reach the limit.
Once a Great Lakes credit union home equity Line of Credit (HELOC) is established, you may borrow and repay up to your available credit line repeatedly.
Whether you want to create a dream kitchen, pay for college tuition or fund that special dream vacation, a Home Equity Line of Credit might be just what you.
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What is a Home Equity Line of Credit? A HELOC is a type of home equity loan that acts like a credit card. You can use it for individual purchases as needed up to an approved amount. It’s what’s called a revolving credit line, which means you have access to a circulating pool of money as you borrow from the HELOC and pay it back.
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Home equity loans and home equity lines of credit let you borrow against the value of your home — but they work differently. Find out about both.
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With a Home Equity Line of Credit1 only use the funds you need when you need them, and only pay interest on the amount you use. Simply write out a check,