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
Contact us today to discuss your options and if you have any questions!