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A home equity line of credit (HELOC) is one option to tap into the value a homeowner has built up in her home.
Because trends are, by definition, fairly short-lived. A type of home equity loan is a home equity line of credit, or HELOC, which serves as a revolving line of credit, allowing you to borrow and.
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Definition: Home Equity Line of Credit (HELOC) is type of loan or credit line that uses one’s home as monetary collateral for other expenses. RETURN TO GLOSSARY. Wherever it leads, whatever it takes.
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Home Equity Line of Credit (HELOC) A mortgage set up as a line of credit against which a borrower can draw up to a maximum amount, as opposed to a loan for a fixed dollar amount. For example, using a standard mortgage you might borrow $150,000, which would be paid out in its entirety at closing.
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Home equity is the value of a homeowner’s interest in a home, or the market value minus any loan balances secured by the home.
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, or HELOC, gives borrowers a line of credit in which to draw funds from as needed. Think of a HELOC like using a credit card, where your lender determines a maximum loan amount and you can take out as much money as you need until you reach the limit.