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equity line of credit definition

A Home Equity Line of Credit is another form of credit where your home is the collateral. You may learn how to get a home equity line of credit by visiting your bank. From your bank you may then get approved for a certain amount based on the equity in your home.

A home equity line of credit (HELOC) allows you to pull funds out as necessary, and you pay interest only on what you borrow. Similar to a credit card, you can withdraw the amount you need when you need it during the "draw period" (as long as your line of credit remains open).

Mortgage equity withdrawal is the amount of equity that consumers withdraw from their homes through home equity loans or lines of credit and cash-out refinances. Mortgage equity withdrawal is a.

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Home equity line of credit – Wikipedia – A home equity line of credit (often called HELOC, pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage).

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans Footnote 1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

Banks require that you maintain 10 to 20 percent equity in your financed home at all times, even after you take out a home equity line of credit. In order to qualify, borrowers typically need substantial equity in their home. Other requirements of a HELOC include proof of income, steady employment, and a good credit score, typically above 680.

Consider a Security Service Home Equity Line of Credit if you prefer: A credit limit based on the equity in your home. Access to your funds when you need it during the draw period of 15 years*. A credit line that is replenished as the outstanding balance is paid down. Lower initial variable rate.