Line of Credit
to remember about Home Equity Line of Credit Loans
A home equity line of credit is similar to a revolving charge
• 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
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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