A Home Equity Line Of Credit, known as a HELOC, is a line of credit extended to a homeowner that uses the borrower’s home as collateral. You’ll be approved for a certain amount of money to be used and repaid within a certain period of time.

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The major types are the home equity loan and the home equity line of credit, also called a HELOC). The equity loan option provides you with one lump sum of equity to fund your home improvements, while the HELOC provides you with a line of credit that you can tap as you need it for your home improvements.

Home Equity Loan Vs. Line of Credit Calculator. With a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card. This calculator will help you determine whether a home equity loan or a HELOC is right for you.

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A HELOC is a rotating line of credit, much like a credit card, that’s secured against your home. In other words, the lender places a lien against your home, just like a mortgage lender does, so if you default, they foreclose.

What is a Line of Credit? (And why credit cards are better) Line of Credit Interest Rates. YOU HAVE THE OPTION TO CONVERT YOUR VARIABLE RATE LINE TO A FIXED RATE; HOWEVER, THE FIXED RATE WILL ALWAYS BE HIGHER. A $75 FEE WILL BE CHARGED FOR EACH TRANSACTION CONVERTING AN AMOUNT FROM A VARIABLE RATE TO A FIXED RATE IN OH, MI, KY AND PA. THE home equity credit line HAS A $60 ANNUAL FEE.

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Transferring credit card debt to a lower-interest card or home equity line of credit may help you become debt free faster — if you're careful.

If you have decided you want to access your home equity, you can consider a cash-out refinance, home equity line of credit (HELOC) or home equity loan. This guide provides details on each product, so you can choose the best option for you.

Home Equity Line of Credit (HELOC) Use a home equity line of credit to pay for home improvements, education costs, major expenses, cash management and more. You can even use a HELOC to consolidate debt. Use only what you need when you need it from this line of credit, you don’t have to use everything you borrow. Home Equity Line.