A home equity line of credit (HELOC) gives you the opportunity to borrow against the equity in your home for home improvements, tuition, a new car, debt consolidation, or just about any other worthwhile purpose.
Unlike with a home equity loan, with a HELOC you are approved to borrow up to a certain amount, but you only pay interest on what you actually borrow. In this way, a HELOC works a lot like a credit card, but often with lower interest rates. Ask one of our mortgage financing specialists for details.
The interest you pay on your HELOC may be tax-deductible. Consult with your tax advisor to understand how a home equity line of credit may affect your personal tax picture.