whats a home equity line of credit

A home equity line of credit (often called HELOC, pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage).

the home equity credit line has a $60 annual fee. the initial fee will be charged on your first billing statement and then annually, thereafter. the apr is based on prime plus or minus a margin. the margin is based on your home’s loan-to-value ratio, lien position, owner occupancy status, applicant’s credit history, and the amount of the credit.

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Access the equity in your home for improvements or major purchases with a home equity loan. Learn how you can qualify and choose the best.

will mortgage rates go down tomorrow Are FHA interest rates going to go up or down this week for a 30 yr. fixed? asked by Eric Guerra, Riverview, FL Mon Feb 18, 2008. My fiance and I signed a contract on an inventory home on Friday Feb 15, but left the interest rate on the mortgage contract as floating.

What is a home equity line of credit? A U.S. bank home equity Line of Credit, or HELOC, lets the equity you’ve built in your home work harder for you. By borrowing funds against your home’s equity when you need it, a HELOC can be ideal whether you’re paying for a major expense or simply want to have quick access to emergency funds.

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Because home equity loans and HELOCs are secured by your home, interest rates are typically lower than unsecured loans like credit cards or personal loans. Home equity loans are disbursed in one lump sum and the borrower is expected to make regular monthly payments of principal and interest for the agreed-upon repayment term.

Home equity lines of credit are offered and originated by Citizens Bank, N.A. (NMLS ID# 433960). Rate and terms are subject to change and credit approval. *Home Equity Line of Credit: References to percentage discount throughout this web page mean percentage point discount.