what is equity credit

Home Equity Line of Credit (HELOC) A HELOC amounts to an open checkbook for people with equity in their home. However, there is a huge risk – foreclosing on your house – if you can’t repay the loan when it comes due.

Borrow what you need, when you need it with a Home Equity Line of Credit. Navy Federal Credit Union has great rates available to our members. Explore HELOC options and learn more here.

In the UK an "Equity Loan" is the term used to describe additional borrowing, normally secured as a subsequent charge, as a top-up to the amount a home owner/purchaser can borrow from a main mortgage provider.

It is paid in a lump sum with a fixed interest rate and fixed monthly payments. Another method of using equity is a home equity line of credit (HELOC). This is a line of credit, similar to a credit card. You only use the money you need, and you make monthly payments based on the amount of money you use.

equity credit line – a loan secured by equity value in the borrower’s home. home equity credit, home equity loan, home loan. consumer credit – a line of credit extended for personal or household use. loan – the temporary provision of money (usually at interest)

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A home equity loan is a type of second mortgage.Your first mortgage is the one you used to purchase the property, but you can place additional loans against the home as well if you’ve built up enough equity.Home equity loans allow you to borrow against your home’s value over the amount of any outstanding mortgages against the property.

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A home equity line of credit, or HELOC, is a type of home equity loan that allows you to borrow cash against the current value of your home. You can use it for individual purchases as needed up to an approved amount, kind of like a credit card. And it uses a revolving credit line, which means you have access to a circulating pool of money as you borrow from the HELOC and pay it back.