HELOC (Home Equity Line of Credit)
An HELOC, or Home Equity Line of Credit, is kind of a cross between a home equity loan and a credit card. Like a home equity loan, you’ll use the equity in your home as collateral, and like a credit card, you get pre-approved for a certain amount, then take what you need when you need it.
When home values soar, smart homeowners turn to a home equity line of credit (HELOC) to replace high-interest credit card debt with much lower-interest loans.
The savings from simply swapping credit card interest for HELOC interest can add up to hundreds annually.
Those savings could eventually help pay off your house.
HELOCs could be the fastest, easiest and cheapest way to access extra cash, for whatever purpose, from consolidating debt to upgrading an outdated kitchen: HELOC rates are less than half what credit cards charge
In seconds, Money.com's comparison page will show you the best rates in your area, so you know you’re getting the best deal.
