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What Is a Home Equity Line of Credit & What Are Its Benefits?

A home equity line of credit, also referred to as a HELOC, can be defined as a line of credit that is secured by your home. For many people, a home is their most valuable asset. With a HELOC, you can use the equity in your home as collateral for another loan.

Things to Use a Home Equity Line of Credit For

A home equity line of credit (HELOC) gives you the opportunity to use the equity in your home as collateral when you borrow money from a lender. Similar to other loans, HELOCs allow you to borrow a certain amount and then pay it back over a certain period with an associated interest rate.

Mar. 16, 2018 in

Home Equity Line of Credit, HELOC

When Is a Home Equity Line of Credit the Best Choice?

Your home equity can be a great financial resource if used for the right reasons. A home equity line of credit, also known as a HELOC, can be taken out against the equity in your home to provide you with necessary funds. Although this may seem like an easy way to free up money for yourself, you want to ensure you’re using that money for the...

How to Get Started on Your Down Payment Savings

Down payments can sometimes be an obstacle that stand between a first time home buyer and their dream home; but they don’t have to be! Putting down an initial lump sum of cash is no small investment. Typically, the rule of thumb for mortgages is to put down is 20% of the homes initial price. However, many people end up putting down less than...

First Time Buyer Mortgage Checklist

The first step for a homebuyer looking to enter the real estate market as a financed buyer is preparing for and gathering the information they need to apply for pre-approval. During the pre-approval process, the buyer is evaluated on whether they qualify for the loan and the amount of the mortgage they qualify for. This should not be confused...

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