Understanding Today’s HELOC Interest Rates
What are HELOCs and Why Use Them?
A Home Equity Line of Credit, or HELOC, is a loan that lets you borrow money against the equity you’ve built in your home. Equity is the difference between your home’s current market value and the amount you still owe on your mortgage. HELOCs are revolving credit lines, similar to credit cards, meaning you can borrow and repay funds as needed, up to your approved credit limit. They’re often used for home improvements, debt consolidation, or unexpected expenses, offering flexibility compared to a traditional home equity loan. Understanding the interest rates involved is