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Can be your Home Equity Line of Credit (HELOC) a Trap?

Monday, March 23rd, 2020

Can be your Home Equity Line of Credit (HELOC) a Trap?

Do your research before starting a HELOC, plus don’t assume it is the exact same as a true house equity loan.

A home equity line of credit (HELOC) offers a solution for financing extended remodeling projects or other open-ended undertakings that require long-term funding for some homeowners. HELOCs generally offer adjustable interest levels that get started low, making HELOCs attractive resources of cash for borrowers. Unfortunately, borrowers may also disregard the drawbacks that are many by using these loans.

Before you borrow out of your home’s equity, it is important to realize just what a HELOC is, just what it is not, and exactly how in order to avoid falling into monetary trouble with this particular type of loan. (more…)