Unlock Your Home’s Potential: A Comprehensive Guide to Home Equity Lines of Credit
A home equity line of credit (HELOC) is a type of loan that allows homeowners to borrow against the equity they have built up in their homes. Unlike a traditional mortgage, which is a one-time loan with a fixed interest rate and repayment period, a HELOC is a revolving line of credit that can be accessed as needed, similar to a credit card. Homeowners can draw funds from their HELOC up to a predetermined limit, and they only pay interest on the amount they borrow.