Real Estate and Mortgage Glossary

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Home Equity Line of Credit:
  • Easy to obtain
  • Excellent source of emergency funds
  • Lower rates than a consumer line of credit

Rather than using consumer credit cards that carry interest rates of 13% or more you can open a line of credit against your home for a rate that is at least 30% lower. Home equity lines of credit (HELOC) are also an excellent source for emergency funds.

You can open a line of credit against the equity of your home and you will only pay interest on the amount of money you actually use. Therefore if you have a $100,000 line of credit and you only charge $5,000 on the HELOC you will only pay interest on the $5,000.

By having a line of credit available you can have peace of mind knowing that in the event of an emergency you’ll also have a large sum of money at your fingertips.