HELOC
Understand Mortgage Hacks for Homeowners A Home Equity Line of Credit, also known as a HELOC, is a line of credit secured by the home that gives the borrower a revolving credit line. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Much like a credit card, you can draw on the HELOC, pay it off, and draw on it again. There are several ways a homeowner could benefit from using a HELOC:
- Use the equity from the home without refinancing.
- Use the equity for a down payment on a new home while keeping the current home.
- Use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
- The additional line of credit may increase their credit score.
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