A Home Line of Credit loan, often abbreviated as HELOC (Home Equity Line of Credit), is a flexible borrowing option secured by the equity in one's home. It functions similarly to a credit card, where borrowers are given a line of credit they can draw from as needed, up to a predetermined limit. The equity in the home serves as collateral for the loan.
Borrowers can access funds through checks, online transfers, or a special credit card linked to the HELOC. Interest is typically variable and only accrues on the amount borrowed, offering flexibility and potentially lower initial costs compared to traditional loans. HELOCs are commonly used for home renovations, debt consolidation, or other major expenses, offering homeowners a convenient way to tap into their home's equity while retaining the ability to repay and redraw funds over time.
Cost Efficiency: By consolidating your rehab loan and mortgage into a single home loan, you can save money on loan closing costs.
Versatility: Whether you’re purchasing a new home or refinancing your existing one, our rehab loan is accessible to households in both situations.
Diverse Solutions: No matter the scale or specifics of your home improvement project, our rehab loan offers expanded options tailored to meet your unique needs and aspirations.
