EQUITY LINES OF CREDIT
What is a home equity line of credit?
It works much the
same way a credit card does, in that you can borrow from your line of credit and
payoff the balance when you see fit. If you have an outstanding balance on
your line of credit, you only pay interest per month on the amount you
owe. Even if you do not have a balance on your Line of Credit you still
have it at your disposal for use when you need it.
You can use your home equity line of credit for:
- Doing home improvements or repairs.
- Consolidating all
of your debts into one payment.
- Borrowing to pay for your child's education.
- Getting cash-out any time, for any purpose.
- Helping your small or home-based business get immediate
cash for any expenditure.
