A HELOC (home-equity line of credit) is a mortgage functioning like a credit card. The borrower is pre-approved for a certain credit amount, but may withdraw means when he needs it.
Dealing with Home Equity Credit Line
In case you are sure you really need money taken out of you home equity and can cover the amount easily, do not hesitate to apply for a home equity line of credit. Be careful while taking a decision if you expect difficulties with repayment, your house (actually a part of it belonging to you) is used as collateral for such a credit.
Like any kind of credit, a HELOC may become a powerful tool in the hands of the responsible and disciplined borrower. Keep in mind that it’s really a serious business and requires careful estimation, planning ahead and ability to take risks and cope with the difficulties.
If you have considered everything and made a positive decision, proceed to our application form.