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.

advertisement

          Connect with us
advertisement
advertisement

Blog

Holden Lewis

Buying home? Sorry, sellers are in charge

It's still a seller's market out there in most places. So rejoice if you're selling a house, and feel a bit apprehensive if you're trying to find a house to buy.  ... Read more

advertisement

Connect with us