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A HELOC, or Home Equity Line of Credit, ( heloc or home equity loan) is a revolving line of credit that uses your home's equity as collateral. It allows homeowners to borrow against the equity they've built up in their homes over time. Unlike a traditional loan, a HELOC provides flexibility, allowing you to borrow and repay funds as needed within a set draw period. Interest rates are typically variable and tied to a benchmark like the prime rate. HELOCs are commonly used for home renovations, debt consolidation, or other major expenses where homeowners prefer the flexibility of accessing funds over time rather than receiving a lump sum upfront.
To see if a HELOC is right for you, click the learn more button below and one of our experts will be in touch soon!
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