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| *Loan,banking and credit>>>credit line |
Defination of home equity line of credit? |
Defination of home equity line of credit? If you own a home you have equity ( the difference between what you paid for it and what it is now worth ). You can get a loan or a line of credit. ( You have the money available to you as you need it) based on that amount . It's a mortgage that works like a credit card. You are given a set credit limit (credit line) and you are either given a debit card or a book of checks. You can use the checks like normal checks as long as you have available credit left on your line. Some people don't realize that this is an actual MORTGAGE, it's a lien against your home. I am a mortgage consultant. Second Mortgage. |
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