What is an heloc

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Some lenders, however, allow borrowers to convert a portion of choice depends on your individual lower rates have plenty of.

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HELOC Explained: What is a HELOC?
A HELOC allows you to access your home's equity over a period of time � you can borrow exactly what you need as you need it, typically for. A home equity line of credit, or HELOC, enables you to use some of your home's value to secure credit and withdraw cash. A home equity line of credit, otherwise known as a HELOC, is a second mortgage you can take out on your home that gives you a revolving line of.

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Cons Because your home serves at collateral you're at risk of foreclosure if you default If the real estate market takes a dip, having too much debt could put you "underwater," meaning you owe more than the home is worth. In addition, you might end up with a false sense of bottomless funds during the draw period, which can make for a stark return to reality when the payback period begins. The more equity you have in your home, the more you can borrow. Taylor Getler is a home and mortgages writer for NerdWallet. Requiring lenders to show the interest rate on a HELOC twice is a strange way to protect borrowers, but there it is.