HELOC

Home Equity Line of Credit

A HELOC is a revolving line of credit secured by the equity in a home. Borrowers can draw funds during a set draw period and repay over time.

HELOCs typically have variable interest rates and are secured by a lien on the property. They are commonly used for home improvements or large expenses.

Related Terms

Line of Credit

A line of credit is a type of revolving credit account that allows a borrower to draw funds up to a ...

Mortgage

A mortgage is a loan used to purchase real estate, where the property serves as collateral. The borr...

Collateral

Collateral is an asset that a borrower pledges to a lender as security for a loan. If the borrower d...

Interest

Interest is the cost of borrowing money or the return earned on deposited funds, typically expressed...

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