What is a HELOC?

A HELOC, or home equity line of credit, is a second mortgage with a revolving balance, like a credit card. The interest rate varies with the prime rate. Pronounced HE-lock.

Recent HELOC stories

If a home equity loan is needed to pay for school, here's what you need to know.
If the draw period on your HELOC is ending in the next few years, here's a plan of action.
Have a variable-rate home equity line of credit? Consider refinancing and locking in a lower rate.
Your current home could help you buy a house south of the border.
You'll soon have higher monthly payments on your HELOC. How should you prepare for that?
Facing rising debt payments soon? Here are some options to explore for winning the battle.
A home equity loan or HELOC can be a blessing or a curse. Know the difference.
Repair your credit score before applying for a HELOC to pay for home renovations.
Don't bet the house that you can get a home equity loan after owning for just one year.
With a variable rate, you face risk with a home equity line of credit. Is it time to refinance?
Even if you want to aggressively fund your retirement, you still need to be careful.
Worried about looming payments on a home equity line of credit? You still have options.
If you can't save your marriage, how can you extract the equity in your home?
If you're considering a home equity loan for a project, know what you'll actually pay.
Retirees face challenges in deciding whether to borrow against the value of their homes.
Your home can raise cash in many ways. What's best: A mortgage, home equity loan or HELOC?
You found out your new mortgage is really a home equity line. Here's your loan lowdown.
If you can pay off your house fairly soon, you might have a cheaper mortgage option.
Cash-out refinancing on your home is one way to pay for college, but make your kid pay, too.
Increase your HELOC payments to pay down some of the debt before the loan is due.
While an offer sounds tempting, transferring your home loan to a credit card may be risky.
It pays to know the ins and outs of how a home equity line of credit is priced.
It's not just your primary mortgage you need to keep current to avoid foreclosure.
Before establishing a line of credit, first consult with a home equity lender and consider the fees.
The right of rescission lets borrowers back out of some mortgages -- but be careful.
Bankruptcy might prevent lenders from coming after you, but they still may come after the property later.
Home equity loans aren't as scarce as they used to be. It might be a good time to check rates.
Strategize now to avoid getting stung by rising rates on loans based on home equity.
If you use a HELOC from your rental property to pay for your primary home, you can't deduct the interest.
Using a home equity line of credit to pay off the mortgage can be risky.
Home equity loans and HELOCs are much harder to get these days. But the situation is not hopeless.
Paying a car loan with a HELOC can be risky because it can adjust to a higher rate.
If both financing options are open to you, compare rates of an auto loan to a HELOC before deciding.
In today's interest-rate environment, it's likely a mistake to turn a HELOC into a first mortgage.
A couple wonders if interest on a HELOC is tax deductible if the loan is used for an LLC.
The interest on the HELOC is tax-deductible, but your line of credit may outlive the car.
The large pricing spread on today's HELOCs makes them a potentially poor borrowing option.
Rushing to pay down a home equity line of credit opens you to the risk that the HELOC will be frozen.
With identity theft on the rise, scammers are targeting homeowners with substantial equity in their homes.
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