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HELOC – Here’s What You Need to Know

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HELOC – Here’s What You Need to Know

Posted On: September 20, 2022 by Peoples Bank of Kankakee County in: Home, Personal Finances

A home equity line of credit (HELOC) is a great way to fund large expenses using the equity you have built up in your home. What is a HELOC you may ask? Keep reading as we outline what it is and the benefits of having one set up. Let’s get started!  Let’s Begin with Home Equity  Home equity is the difference between your home’s market value and the amount that you owe on your mortgage. Both a home equity loan and a home equity line of credit allow you to borrow against this equity. With a home equity loan, you borrow a specific amount and make regular payments during a fixed repayment period. A home equity line of credit is a bit different. Unlike a conventional loan, a HELOC is something you establish ahead of time and use when and if you need it. In a way, it’s like a credit card, except with a HELOC, your home is used as collateral rather than being unsecured.  A home equity line of credit has a credit limit
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