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What is a Home Equity Line of Credit?A home equity line of credit, or HELOC, is a line of credit that is secured by your home that provides you with a revolving credit line to use for large expenses or to consolidate higher interest rate debt from other loans or credit cards. This makes a HELOC a great way to fund your next home improvement project or tackle debt with higher interest that you may have. Since these loans are secured with the value or equity that you have in your home, rates are often lower than with most other types of personal loans. On top of this, the interest may be tax deductible with a HELOC. What are the benefits of a Home Equity Line of Credit?Unlike a home equity loan, which requires a lump sum borrowing amount, a home equity line of credit allows you to borrow less at a time with just the amount you need, when you need it. Being able to borrow only what you need will help keep your monthly payments lower. Being secured with the value of your home's equity, rates are often lower than most other personal loans. Functioning as a revolving source of funds, much like a credit card, you can access this line of credit as you choose. Exciting ways to use a Home Equity Line of Credit:
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