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A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans Footnote 1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.
For the suntrust equity line, this interest rate reduction does not apply to promotional rate advances, Fixed Rate/Fixed Term Advances or during the Repayment Period. All loan and line discount offers are subject to change. Offer is available for new and refinanced consumer home equity lines as well as for home equity credit line increases.
Whether you want to remodel your house to sell, or make improvements you’ll enjoy for years to come, a HELOC can be a smart choice for financing. Here are six ideas to improve your home and maximize the value of your home equity line of credit.
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The suspect withdrew $5,000 in cash from the victim’s home equity line of credit at St. Anne’s Credit Union back in August,
What is a home equity line of credit? A home equity line of credit, or HELOC, gives borrowers a line of credit in which to draw funds from as needed. Think of a HELOC like using a credit card, where your lender determines a maximum loan amount and you can take out as much money as you need until you reach the limit.
"A home equity line of credit is better-suited to home improvement projects that will be incurred in stages, or for college tuition payments that will be paid over time, rather than the lump-sum.
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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Access cash from the equity in your home, apply for a Chase Home Equity Line of Credit today.
Home Equity Line of Credit Calculator Use the Chase Home Equity Line of Credit Calculator to show how much you may be able to borrow based on the value of your home. The equity in your home can be used for home improvements, debt consolidation or other expenses.