What is a HELOC?
HELOC stands for Home Equity Line of Credit. Simply put, a HELOC is a loan against the equity you have built up in your home. It differs from a traditional home equity loan in that a HELOC offers a revolving line of credit. Like the available balance on your credit card, you can use the full amount of your HELOC or borrow against it in smaller increments, and you will pay interest only on the amount you borrow.
If you are looking for a smart way to get the money you need, a HELOC might be right for you. HELOCs offer the flexibility of easy access to your money with the security of a low rate. And because a HELOC is secured by the equity in your home, the interest you pay might be taxdeductible!
A HELOC is also a great alternative to high-rate credit cards. These versatile loans can be used for just about anything, from consolidating high-interest debt and tackling home improvements to financing a college education or paying for your child’s braces. You’ll get the money you need at an affordable rate with payments that are right for you.
For more information about how a HELOC can benefit you, call National Iron Bank or learn more.