Tag Archives: home equity line of credit

will i owe a balloon payment

Understanding the HELOC: Will I Owe a Balloon Payment?

A HELOC is a loan that’s set up as a line of credit, that’s backed by your home as collateral. It can be drawn from up to a certain dollar amount and has a “draw period” where you use it like a checking account. It also has a repayment period, usually lasting 10 to even […]

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heloc interest calculation

HELOC Interest Calculation: Breaking Down the Numbers

When you’re trying to pay off your mortgage fast, it all comes down to interest. Interest is the amount of money you owe over and above the principal of a loan, paid on a regular schedule at a specific rate based on how much money you borrowed. In traditional mortgages, interest is calculated monthly and […]

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Understanding the HELOC When Can I Borrow Money

Understanding the HELOC: When Can I Borrow Money?

As you’ve researched, you may have wondered, “when can I borrow money from a HELOC?” And that’s a good question. Let’s look at the typical answer. A home equity line of credit (HELOC) allows you to take advantage of your home’s value when you need it. To accomplish that, each HELOC is set up into […]

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4 Benefits Your HELOC Lender Should Offer You

4 Benefits Your HELOC Lender Should Offer You

Have you done the math? Have you discovered that a home equity line of credit may help you reach your financial goals faster than you ever thought possible? And, are you wondering what benefits your HELOC lender should offer? If so, it’s time to look at your options for financing. Lenders are required to provide […]

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what happens after the draw period

What Happens After the Initial Draw Period?

If you’re thinking of getting a HELOC, you may have heard the term, “draw period.” And you may know what it is. But, what happens after the draw period? We’ll get into that below. But first, a quick refresher. A home equity line of credit is a valuable tool that can impact your financial outlook […]

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questions to ask your loan officer about heloc terms

4 Big Questions to Ask Your Loan Officer About HELOC Terms

When it comes to a home equity line of credit and putting it to work to improve your financial situation, you probably have a lot of questions. And that’s a good thing! Before you make any big decisions, there are a few things you need to know. Check out our list of top questions to […]

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Home Equity Loan or Home Equity Line of Credit

What’s Better? A Home Equity Loan or Home Equity Line of Credit?

You’ve seen the terms home equity loan or home equity line of credit thrown around, in a seemingly interchangeable way. But they’re not the same! Before we dive into which financial product might be right for you, let’s define the terms. A home equity loan (HELOAN), or second mortgage … … uses the equity in […]

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