2007-08-17 07:47:06 · 7 answers · asked by frediecrut 1 in Business & Finance ➔ Renting & Real Estate
HELOC- Home Equity Line of Credit
2007-08-17 07:53:55 · answer #1 · answered by sweetsum691 5 · 0⤊ 1⤋
It's "HELOC"....no K
"Home Equity Line Of Credit"
It is a line of credit secured by the equity in your home. A line of credit is loan that you borrow (and pay back) as you need it. You don't have to take it all at once. This saves you interest in the long run.
2007-08-17 14:51:00 · answer #2 · answered by Wayne Z 7 · 0⤊ 1⤋
It's HELOC, and stands for Home Equity Line of Credit. Somebody gives you a credit line against the equity in your home, and you write checks against it when you need money and pay it back. The limit remains the same, interest rates are generally adjustable, and if you don't pay, they can take your house.
2007-08-17 14:51:00 · answer #3 · answered by ssmesq 5 · 0⤊ 1⤋
It's a HELOC (home equity line of credit). You use the equity in your home to secure the loan.
2007-08-17 14:49:59 · answer #4 · answered by Anonymous · 0⤊ 1⤋
HELOC
Home Equity Line Of Credit
You need a home, and you need equity in your home to get such a loan. You are effectively putting your house up as collateral.
2007-08-17 14:50:26 · answer #5 · answered by largegrasseatingmonster 5 · 0⤊ 1⤋
HELOC home equity line of credit, uses the equity (home value minus any mortgage balance) in your home to borrow against. The funds can be used for what ever you want and the payments may be tax deductible.
2007-08-17 14:55:46 · answer #6 · answered by scorpio 2 · 1⤊ 1⤋
It's HELOC
Stands for
Home
Equity
Line
Of
Credit.
It's a mortgage on which you take draws as you need them.
Like a credit card secured by your home.
2007-08-17 14:51:07 · answer #7 · answered by Trapped 5 · 1⤊ 1⤋