What is a home equity line of credit (HELOC)? 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 [1] such as credit cards.

2024年12月3日 · A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. (It can also be a primary mortgage if you own your home outright.)

3 天之前 · A HELOC (home equity line of credit) is a revolving form of credit with a variable interest rate, similar to a credit card. The line of credit is tied to the equity in your home.

2022年6月23日 · How does a HELOC work? A HELOC lets you establish a revolving line of credit based on the value of your home, less the amount you owe — this is known as your home equity. Assuming you qualify, you can borrow against up to 85% of your home equity. Hours after closing, you can access your credit line and use the money however you see fit.

2024年10月22日 · One of the biggest perks of homeownership is the ability to build equity over time. You can use your equity to secure low-cost funds through a second mortgage —either a one-time home equity...

2025年1月18日 · What Is a Home Equity Line of Credit (HELOC)? A home equity line of credit (HELOC) is a line of credit that uses the equity you have in your home as collateral. The amount of credit available...

2022年7月31日 · A home equity line of credit (HELOC) is a credit line secured by the equity you have in your home. You can borrow from it over several years and will only pay interest on the funds you’ve withdrawn.

2024年5月3日 · A home equity line of credit (HELOC) is a variable-rate second mortgage that utilizes a portion of your home’s value through a revolving line of credit. You can use, pay down and reuse the...

2024年6月27日 · Our booklet can help you understand how HELOCs work, shop around, and watch out for pitfalls. A HELOC lets you borrow money using the available equity in your home, which is the value of your home minus the amount you owe on your mortgage. Only consider a HELOC if you’re confident you can keep up with the loan payments.

How does a HELOC work? There are two periods of a HELOC: a draw period and a repayment period. This is a fixed time frame within which homeowners can borrow from their home equity. It may be a 10-year window, for example, though the time frame depends on the terms of your loan.