Home Equity Line of Credit
Home equity is the difference between your home's current market value and the total amount you owe on your home loan. As a valuable resource for attaining your financial dreams, home equity loans can be a smart way to get the money you need. With the right loan, you can save money through debt consolidation and getting rid of high-interest debt, or you can pay for some of life's most important expenses like home improvements, weddings, and college. You can also opt for a home equity line of credit, which allows you to borrow against the equity, accrued in your home.
A home equity line of credit (HELOC) 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. A home equity line of credit can help improve your living circumstances and might lead to financial gain.