Lines of Credit also known as Home Equity Line of Credit (HELOC)

A home equity line of credit is a credit line that is kept open and restored as you pay off what is owed. A home equity line of credit has a pre determined approved high credit limited similar to a credit card that you are allowed to draw (write checks against) upon as needed. Your monthly payments are based on what was used on the line. In most cases, the program has a pre determined draw period and interest only payments.

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