Keep Your Low Mortgage Rate — Better Than Refinancing
Keep Your Low Mortgage Rate — Better Than Refinancing What is a home equity line of credit (HELOC)? A home equity line of credit, or HELOC, is a type of home equity loan that allows you to draw funds as you need them and repay the money at a variable interest rate. Because of this, HELOCs are generally best for people who need funds for ongoing home improvement projects or who need more time to pay down existing HELOCs typically have lower interest rates than home equity loans and personal loans; to get the best rates, you'll have to have a high credit score, a low debt-to-income ratio, and a lot of tappable equity in your home. Find out how much you qualify for now!