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Cultura RM Exclusive/Twinpix/Getty Images. When you need cash to pay off debt, to make home repairs or for an unforeseen expense, a home equity line of credit, or HELOC, is one way to tap into.
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To get some relief, it’s possible to leverage the equity you’ve already built up in your home through your down payment and mortgage payments to secure a loan. That’s called taking a home equity line.
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A home equity line of credit advances you a credit line using your home equity as collateral. You can then borrow up to the credit limit during a set time called the draw period. Monthly payments are usually just interest and the whole loan becomes due at the end of the draw period.
Some may even be thinking about taking out a home equity. best-selling books, including "The Truth About Money." He’s also been ranked as the nation’s No. 1 independent advisor by Barron’s several.
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There are two ways to access your home’s equity. You can take out a lump-sum loan, which means that you get all the cash at once, or establish an equity credit line that you use as needed. But before.
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Home Equity Line of Credit – Rates are based on a variable rate, second lien revolving home equity line of credit for an owner occupied residence with an 80% loan-to-value ratio for line amounts of $50,000 or $50,000+.
suntrust offers home equity lines of credit with an introductory interest rate as low as 2.99% for the first 12 months, after which time the interest rate can be as low as 4.25%. All interest rates on SunTrust home equity lines of credit are variable.
A home equity line of credit, or HELOC, is a type of home equity loan that works similar to a credit card. You’re preapproved for a certain amount, which is a revolving line of credit. You’re allowed to borrow as much as you need as long as you don’t go over your limit.