Real Estate Terms Glossary
What is a Home Equity Line of Credit?
Note that a home equity line of credit, popularly called a HELOC, is a credit line secured by your home. HELOC gives you a revolving line of credit that you can use for some large expenses. Did you know that HELOCs usually have no or low closing costs?
Also, rates currently range from 2.62% to 21%. With a HELOC, you will borrow funds against your home equity, which is your home's value minus the sum that you owe on your primary mortgage.
Examples of Home Equity Line of Credit
- Example 1: Home equity loan
Here’s Investopedia’s definition of a Home Equity Line of Credit (HELOC).
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Penny R.
I have practiced law for more than 35 years in the State of Texas. I am proud of the relationships I have formed with my clients and the high level of legal advice I have provided over these many years. I am responsive and will promptly address your particular situation. For 35 years I have counseled individuals, partnerships and corporations with regard to business formation, real estate transactions and issues, employer/employee relationships, contracts, estate planning and asset protection. I am licensed to practice law in all state courts in Texas and all federal courts. I have represented plaintiffs and defendants throughout the state in cases ranging from contract disputes to injury claims. I have worked with every type of business you can imagine from individuals to "mom and pop" businesses and businesses with assets of more than $10,000,000. My clients' businesses range from large construction contractors, investment companies, oil and gas companies, and commercial landlords, to name a few.
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