What is HELOC?

A HELOC or home equity line of credit, allows you to borrow money against your home equity. Here are a few key things to know before considering one.

• You'll be approved for a maximum amount and can draw on that line as often as needed throughout the "draw period"

• You'll generally need at least 20% equity to get approved

• Most are variable loans, meaning that your interest can vary month-to-month

• Read the fine print - there may be fees associated with withdrawals

• If you fail to repay on schedule, you could lose your home

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