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  • Writer's pictureTom Stolecki

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is an excellent alternative way to borrow. With a HELOC, your home’s equity becomes collateral to provide you with a source of accessible revolving credit. You decide how much credit you need, when you need it, then repay it when you can. There is never a penalty to pay off your balance. A HELOC is flexible compared to a traditional loan which is not. Once approved, a line of credit can be accessed any time, for any amount up to your limit. With a loan, you need to re-apply every time you want more funds. HELOCs have low interest rates (as low as Prime Rate +0.50%), making them less costly than credit cards and personal loans. A HELOC is an essential asset for today’s homeowner and investor– you are only charged interest on the amount you use, not your available balance. The majority of HELOC’s include interest-only payments and you can pay any amount towards your balance penalty free.

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