![]() ![]() We strive to provide you with information about products and services you might find interesting and useful. The repayment period is usually 10 or 20 years. Once the borrowing period ends, you’ll repay the remaining balance on your HELOC, with interest, just like a regular loan.During the borrowing period, you'll need to make at least minimum monthly payments on the amount you owe, typically this payment includes portions of principal and interest.You may be able to convert some or all of the balance you owe on a variable-rate HELOC to a fixed-rate loan.Those rates are tied to a benchmark interest rate and can adjust up or down. ![]() Most HELOCs charge variable interest rates.You only pay interest on the money you use.A HELOC can be opened to fund a specific need, or can be opened ahead of time so that access to funds is available when needed.You use the funds only when you need to, and you can continue to use the funds as you repay them. During that time, you can tap into your line of credit to withdraw money (up to your credit limit) when you need it. A HELOC has a credit limit and a specified borrowing period, which is typically 10 years.In that way, it's like a credit card, except with a HELOC, your home is used as collateral. Unlike a conventional loan a HELOC is a revolving line of credit, allowing you to borrow more than once. A HELOC provides ongoing access to funds. ![]()
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