A HELOC, or home equity line of credit, is a line of credit that works similar to a credit card. With this loan, you can borrow up to a specific limit of your home equity and repay the funds.
A lender that allows a combined loan-to-value ratio of 80% would grant you a 30% home equity loan or line of credit, for $90,000.
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A home equity line-of-credit (HELOC) is an open-ended, revolving credit line based on the equity you have in your home. These are different from Home Equity Loans.
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A HELOC is a rotating line of credit, much like a credit card, that’s secured against your home. In other words, the lender places a lien against your home, just like a mortgage lender does, so if you default, they foreclose. While credit cards charge cash advance fees and place lower limits on cash advances than retail purchases, HELOCs are designed specifically for cash withdrawals.
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What is a home equity line of credit? 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.
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Home Equity Line of Credit Lock Feature: You can switch outstanding variable interest rate balances to a fixed rate during the draw period using the Chase Fixed Rate Lock Option. You may have up to five separate locks on a single HELOC account at one time.
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