How to HELOC - 5 Ways to Use Your Home Equity Line of Credit
September 15, 2008 by admin
How to HELOC - 5 Ways to Use Your Home Equity Line of Credit
The home equity line of credit or HELOC is a revolving loan which allows a homeowner to borrow and repay the money at the most convenient time using his or her home as the collateral. Having a revolving loan means that the borrower can renew the loan upon payment similar to the use of a credit card. The amount that a homeowner can borrow depends on the difference between the appraised value of his or her home and the amount that he or she owes in the mortgage.
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