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Home Equity Line of Credit

Some things to remember about Home Equity Line of Credit Loans

• A home equity line of credit is similar to a revolving charge account.

• Interest rates are variable based on the Prime Rate and the outstanding balance. And interest is only accumulated if you have a balance.

• Terms are flexible. You may borrow what you need at the time, repay, and borrow again.

• Interest payments may be tax deductible.

• Easy to access funds, similar to a checking account.

• You must maintain insurance on the home during the loan term.

Loans can be used for a variety of purposes.

• Home equity lines of credit carry a lower interest rate than most other types of loans. For example, you may be able to get a heloc for 5.5% interest, but an auto loan might be 8%. By using the heloc you can purchase the auto less expensively. On top of that, you will probably be able to deduct the interest you do pay from your taxes.


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