*Loan,banking and credit>>>credit line

What is a line of equity credit ?.How does it work?

we were asked if we wanted a line of crdit when we refinanced. What is it?

Home Equity Line of Credit (HELOC) is a revolving line of credit (just like a credit card) secured by the equity in your property. The approval amount can be any amount you want as long as there is enough equity to cover the line. Make sure you find out if there are any fees associated with the HELOC. Depending on your financial situation, HELOC can be a good option. It is cash that is readily available for emergencies or to reinvest into your property to increase the value of your current property. The repayment is generally determined by the term of your line (10,15,20 yrs). For more information log on to http://en.wikipedia.org/wiki/heloc....

Where as an equity LOAN is a loan that you get and then pay off over time, an equity LINE is like a checking account in a strange sort of way. You get a "line of credit" secured by the equity in your home, let's say for 20,000. As soon as you make a payment, you then have access to the open balance. For example, you have a line with 20,000. You pay off 500 next month. Something comes up and you need some money, you have access, using checks, to that $500 "available credit".

The equity line of credit will be a "second mortgage". If you first mortgage is paid off, then this moves into the first position.
Your house is worth 100,000
You owe 80,000
You have 20,000 equity
The bank will allow you to borrow against that 20,000 equity.

Just like a credit card, you make monthly payments on the amount you borrow usually at a lower interest rate than a credit card. Since it is basically a 2nd (or third) mortgage, the interest is tax deductible.
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