how to get a line of credit on my house

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Using lines of credit for real estate investing – But using lines of credit for long-term properties would probably not work out. In my opinion the easiest way to flip houses is with cash. Whether it be your own cash that you have parked in a savings account or with a line of credit from a bank since once you have it you can draw on it as much as you want and/or your limit will allow.

What is a HELOC?: Revolving Line of Credit on Your House. – A home equity line of credit (HELOC) is a loan in which you put your house up as collateral. A HELOC allows you to borrow as you go and requires repayment only after an initial draw period of 5 to 10 years.

If you owe less on your house than it’s worth, you might be able to tap into that equity for home renovations, or to pay off debt. "Equity is the market value of your home less what you owe on your mortgage," says David Lopez, a Philadelphia-based certified public accountant. That’s where a home equity line of credit, or a HELOC, can help.

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A home equity line of credit, or HELOC, gives borrowers a line of credit in which to draw funds from as needed. Think of a HELOC like using a credit card, where your lender determines a maximum loan amount and you can take out as much money as you need until you reach the limit. You are required to make monthly payments to pay back your loan.

Use the Chase Home Equity Line of Credit Calculator to show how much you may be able to borrow based on the value of your home. The equity in your home can be used for home improvements, debt consolidation or other expenses.

Where can I get a equity loan or line on my rental property that I do not occupy? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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