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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Christian Davila received his Juris Doctorate from St. Mary’s University and becoming a member of the State Bar of Texas in 2013. Before law school, he studied at Texas A&M International University (TAMIU), and participated in multiple programs across various fields of study, including the University of Texas Medical Branch-School of Medicine’s “Early Medical School Acceptance Program,” and the Hispanic Association of Colleges & Universities’ “National Internship Program” at the Library of Congress in Washington, D.C. Christian’s legal experience includes criminal law (both prosecution and defense), family law, transactional law, business litigation, real estate litigation, and general civil litigation. Christian was previously in-house counsel for a multi-million dollar apartment construction and management company, handling all property acquisition, document drafting, negotiations, and litigation. Christian is a former member of the American Association for Justice (formerly the Association of Trial Lawyers of America), and he has been distinguished by the National Trial Lawyers as one of their TOP 40 Civil Plaintiff attorneys in Texas UNDER 40 years old. He likes weightlifting, reading comicbooks, and being silly with his kids in his spare time.
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I opened Hestia Legal when I was 6 months pregnant with the focus on educating and assisting families in my community. While the majority of my practice revolves around Estate Planning, I have a history of experience with contract and general business agreement drafting, discovery drafting, and general litigation document drafting.
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