At-A-Glance
A good HELOC try an effective revolving line of credit you to enables you to obtain a portion of your property security to have an appartment several months of time, as paid down which have notice.
When you yourself have highest family collateral and are believed creditworthy from the lenders, HELOCs would be a good replacement loans or playing cards due to the fact interest rates are usually down.
You may be in a position to re-finance an effective HELOC to get straight down interest rates given that borrowing from the bank months finishes and you can installment period starts.