So, what exactly is a Home Equity Line of Credit (HELOC)?
A Home Equity Line of Credit, also known as a HELOC, allows you to borrow funds using your home as collateral.
What is “Equity”?
Equity is the current value of your home minus the amount you owe on other mortgages. The amount you can borrow is based on the equity you have in your home.
How a Line of Credit Works
You can access as much or a little as you need from your HELOC, whenever you need it, up to the credit limit established at closing. 就像信用卡一样,你可以根据自己的消费限额随时借款, a HELOC gives you the flexibility to borrow against your home equity, repay and repeat.
您可以在哪个赌钱app比较好轻松地从您的HELOC转账到您的Elements支票账户. Elements还将提供Equity Access Visa®卡和支票,您可以使用这些卡轻松地直接使用HELOC资金进行购买.
There are two phases to a HELOC:
- Draw Period: Initial 10 years when you can borrow from the credit line.
- 还款期:15年后,当你偿还借款加上利息与固定利率贷款.
Interest-Only Feature
Interest-only payments are featured during the first 10 years of the line of credit. After this time, 借款金额转换为固定的贷款支付结构,以便在未来15年内支付全部余额和利息.
Prefer predictable monthly payments that stay the same and a lump sum payout? Consider a Home Equity Loan.