Date: August 8, 2023
Length: 27mins, 25secs
Date: August 15, 2023
Length: 39mins, 44secs
Date: August 22, 2023
Length: 28mins, 33secs
Date: August 29, 2023
Length: 40mins, 26secs
Date: September 12, 2023
Length: 28mins, 46secs
A Home Equity Line of Credit (HELOC) can be an adjustable-rate or fixed-rate mortgage, tied to the prime rate, secured by a borrower's home. It works like a credit card, with the ability to borrow money (against the equity in their home) at different points in time and only pay interest on what they use.
A Home Equity Loan (HELOAN) is a fully amortized fixed rate mortgage providing the borrower a lump-sum as opposed to a line of credit. If the borrower were to take $150,000 out of the equity of their home, they would receive one payment of $150,000 (less any financed closing costs) and begin to pay interest on the full amount immediately.
HELOCs and HELOANs offer borrowers considerably lower interest rates than those of credit cards, and give the ability to access home equity without impacting a low rate first mortgage. That’s why many people opt to use these mortgages to consolidate their debt or make big purchases with lower interest rates!
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