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April 07, 2005
Home Equity Line of Credit Explained
Home equity lines of credit can provide cash by borrowing against the equity in your home.
Exactly what is a home equity line of credit or HELOC? A home equity line of credit, which lenders and mortgage brokers refer to as a HELOC, is a different kind of home loan. An equity line has different rates and terms from a conventional first mortgage. In a standard home loan, or mortgage, your monthly payments cover both the principal loan and the interest you are charged.
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Posted on April 7, 2005 08:26 AM by Financ81.
Filed in Real Estate under financing terms.
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