HELOC’s

Home Equity Line Of Credit (HELOC)

Home Equity Lines of Credit also known by their acronym HELOCs work very similarly to credit cards, with one major difference, the money borrowed against a Home Equity Line of Credit is secured by collateral – your home. Because of the collateral position they offer significantly better rates than credit cards which make them an attractive loan for people looking for cash, either now or in the future. Typically tied to prime rates HELOCs have the ability to adjust as often as every month, but these adjustment are typically not that common and caps put in place at the time of financing protect the borrower from outlandish rates in the future. There are many different options associated with HELOCs, make sure you discuss them all with your loan consultant.

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