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What is a Heloc?

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What is a Heloc?

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A home equity loan or home equity line of credit can give you access to capital based on the value of your personal residence. A home equity loan, or HEL, offers a lump sum amount of funding, whereas a home equity line of credit, or HELOC, allows you to draw from the credit line — up to the limit — as needed.
To qualify for a home equity loan or line of credit, you should have at least 15% equity in your home, good credit and enough monthly income to afford your mortgage payments and pay off the HEL or HELOC.
Terms on home equity loans generally range from five to 15 years, whereas lines of credit often have repayment terms of 10 to 20 years. The amount you’re able to borrow for a HEL or HELOC will vary based on the value of your home, what percentage of that value the lender will allow you to borrow against and how much you still owe on your mortgage.
Say, for example, you have 30% equity in a $300,000 house. That means you still owe $210,000 on your mortgage. A bank may extend you a maximum loan or credit line of around $45,000.
Home equity loans and lines of credit can offer fix and flip funding with low interest rates, but you’ll have to own a home and be willing to put your personal finances at risk.

 

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