what is HELOC?

[77jaym]

I'm confused helock, can someone explain it to me.

Thanks.

[Biggbird]

HELOC stands for
HOME EQUITY LINE OF CREDIT


HaPpY InVeStInG!!!

BiggBird

[richmortgagebroker]

BiggBird is right

H  HOME

E   Equity

L    Line

O    of

C    Credit

it is a second mortgage that is like a credit card (OPEN ENDED MORTGAGE)

you only pay on the money that you have used against your home and you can pay it back when you are done with a project and not have any payments and then take the money again and use it on another project and you will only have to may the mortgage amount that you take out.

VS a END CLOSED MORTGAGE like the traditional 2nd mortgages you take the whole amount out and pay on it as long as you have the mortgages for and if you put the money back then you do not have access to the funds unless you take out another mortgage or get smart and do a HELOC.

[77jaym]

Thanks for the info.