Author: Mock Webware
If you own a home and have debt, you may consider using a home equity line of credit (HELOC) to pay off your debts with a lower interest rate. Because HELOCs are secured to an asset (your home), they typically offer lower interest rates.
When you take out a HELOC, you open up a revolving line of credit from your mortgage lender where your home serves as collateral. Lenders will typically set your credit limit by taking a percent of your home's appraised value and subtracting the balance of your existing mortgage.
While a HELOC may be a great choice for some, it does have some serious consequences you should consider before applying:
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