mortgage

For PITI's sake: Mortgage acronyms defined

Mortgage » For PITI's sake: Mortgage acronyms defined

HELOC
HELOC © iStock

HELOC

A home equity line of credit, or HELOC, allows homeowners to borrow cash against home equity. Unlike a 2nd mortgage, borrowers can take what they need (up to the limit) and return for additional funds.

The credit limit is often determined by the loan-to-value ratio. Often a HELOC will have a variable rate.

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