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Sometimes you need the flexibility of a home equity line of credit (HELOC), when you’re working on an ongoing project. With a HELOC, you have a pre-determined credit line, and you borrow against the credit line as needs arise. HELOCs are good tools when you’re:
- Fixing up a “fixer-upper” and you have several projects to look forward to.
- Making regularly scheduled payments due over time, such as college tuition.
- Have ongoing medical expenses that aren’t covered by insurance.
- Using your home equity to improve cash flow for your business.
A home equity line of credit gives you ready access to cash when you need it, and typically offers a lower interest rate than a credit card or a home equity loan.
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