A home equity line of credit is a loan that that helps you fund a long term project by allowing you to withdraw varying amounts of money at different times. As collateral, your home is what is used as security for the loan.
But if you expect to stick around for a while, there are still ways you can benefit as the value of your home appreciates. Here’s what to consider. When your home’s value rises, your equity does.
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Home Equity Lines of Credit As mentioned above, a HELOC allows you access to the funds for home improvement projects, or repairs and emergency fixes. It’s usually backed by your home’s value and therefore considered a secured line of credit.
Home equity lines of credit are also variable. The more you borrow, the larger you monthly payment, even if you are in an early period that only requires interest payments. Also, many HELOCs have adjustable rates, so your interest rate potentially could rise over time, adding to the monthly payment even if the balance doesn’t increase.
The home equity line of credit, also known as HELOC or "second mortgage", is a type of loan where you use your home as collateral. As long as you manage to pay back the loan, your house is entirely safe.
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Get a low rate with a suntrust home equity Line of Credit and put your home’s equity to work. SPECIAL INTRO RATE Special variable rate of Prime minus 1.51%, currently 3.49% APR 1 for 12 months on initial advances of $25,000 or more at closing under the variable rate option.
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A home equity line of credit can be applied for with your mortgage lender, or other financial institution, and comes with a set timeline for when you can withdraw the money. This "draw term" usually lasts 10 years before the line of credit will be called on for full payment.
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A home equity line of credit, or HELOC, turns your home’s value into cash you can borrow as needed. Find out if tapping equity with a HELOC is right for you and how to get the best rate. Use our.