A Home Equity Loan and a Home Equity Line of Credit (HELOC) are not the same thing. In general, a home equity loan is a better financial tool for most consumers. Both are ways to finance large expenses by borrowing against the equity in your home minus closing costs. Equity is the difference between what
Home equity is growing, but homeowners refuse to tap into it
July 11, 2018 by
With home prices continuing to rise, homeowners are becoming increasingly “equity rich”. But that hasn’t tempted many to take advantage of the situation, as the number of home equity lines of credit stays flat.
HELOC borrowers could soon find their payments increase
December 9, 2016 by
Homeowners who have home equity lines of credit, called HELOCs, could be in for a nasty shock when their monthly payments increase suddenly.
Five million homeowners could benefit from refinancing
January 13, 2016 by
Although interest rates have been at record lows for the last several years, a vast number of borrowers are yet to take action by refinancing their mortgages to enjoy cheaper monthly rates, CNBC News reports.
Impending HELOC rates reset causes concern
March 10, 2015 by
Millions of home equity lines of credit that were popular between 2005 and 2008 are scheduled to reset to higher interest rates soon, which could put many borrowers at risk.
