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The Home Equity Line of Credit

A home equity line of credit, also known as a HELOC, is a revolving credit line account secured by the equity in your home. It has an adjustable interest rate, based on the prime rate as published in numerous financial publications including The Wall Street Journal. The term of a home equity line of credit is generally 15, 20 or 30 years, during which time you may access your funds up to the amount of the credit line.   

The difference between a home equity line of credit and a home equity loan is that a credit line can be withdrawn as you need it, where an equity loan is paid out in one lump sum. Also, a home equity credit line has a variable interest rate, while an equity loan has a fixed rate.

A home equity line of credit is available up to 100% of value of your home; no equity is required.   This home equity line of credit is available for owner-occupied single family homes, condominiums and townhouses.

Proceeds of your home equity line of credit can be used for many purposes including debt consolidation, home improvements, and general cash out .  Because the home equity line of credit is secured by your primary home, the interest may be tax deductible up to 100% of value or $100,000.

 
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Greg Rachunok
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fx. 805-238-2820
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