home equity line of credit definition

Home equity lines of credit come with various terms, and many allow you to use the line for years without repaying principal. In our example, you could borrow up to the maximum $100,000 during the 10-year draw period, making interest payments on the balance.

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Home Equity Lines of Credit. Home equity lines of credit work differently than home equity loans. Rather than offering a fixed sum of money upfront that immediately acrues interest, lines of credit act more like a credit card which you can draw on as needed & pay back over time.

Home Equity Line of Credit synonyms, Home Equity Line of Credit pronunciation, Home Equity Line of Credit translation, English dictionary definition of Home Equity Line of Credit. Noun 1. home equity credit – a loan secured by equity value in the borrower’s home equity credit line, home equity loan, home loan consumer credit – a line.

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Definition of home equity line of credit: A type of second mortgage in which money is taken in draws, rather than in one lump sum. Lines of credit are often used to pay for education and home repairs or improvement projects.

Home equity line of credit A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower’s equity in his/her house.

Taxpayers used to be able to take a home equity loan or tap into a home equity line of credit, spend the money on whatever they wanted (pool, college tuition, boat, debt consolidation) and the interest on the loan was tax deductible. For borrowers in higher tax brackets this was a huge advantage.

Home equity line of credit (HELOC). Sometimes referred to as a HELOC, a home equity line of credit lets you borrow against the equity you’ve built in your home, usually by using a debit card or writing checks against your available balance.

A U.S. Bank Home Equity Line of Credit, or HELOC, lets the equity you’ve built in your home work harder for you. By borrowing funds against your home’s equity when you need it, a HELOC can be ideal whether you’re paying for a major expense or simply want to have quick access to emergency funds.