Borrow What You Need When You Need It

This is when you borrow money based on the equity that is in your home. You only borrow what you need and you only pay interest on what you borrow.

This is secured by the equity you have in your home. You “draw down” your line of credit and only make payments on the amount you have borrowed. You may pay an annual fee to maintain the line of credit and incur costs, such as an appraisal, application fee and recording fees, to establish the line of credit. Funds are accessed by simply writing a check. A home equity line of credit typically has better rates than a credit card, but these rates vary monthly depending on the index used to set your rate.

The beauty of this type of loan is you that you can borrow the money as needed. Then you repay it and you can borrow again as needed.

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