Use the equity in your home to get a secured line of credit. With a Home Equity Line of Credit or HELOC, you can have fast, easy access to your equity for various purposes. Plus, there are no monthly fees* or pre-payment penalties.
HELOC’s are great because they are readvanceable, and interest is only charged on the amount of funds being used. Once a portion of the HELOC has been paid off, you can use these funds again for other purposes. Some institutions even allow you to lock in portions of your HELOC as a fixed mortgage later, so that you can take advantage of lower interest rates over time.
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