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No Fee Home Equity Loan

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Home Equity Line of Credit (HELOC)

The home equity line of credit (HELOC) is an open-ended mortgage, which provides the homeowner with convenient access to funds. The advantage of a HELOC is it functions like a credit card; the borrower can advance the necessary amount and the payments are calculated on the outstanding balance; when the balance is paid it becomes available to be borrowed again. A disadvantage of a HELOC is the interest rate is usually tied to the changes in the prime rate and can fluctuate frequently.

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Home Equity Loan Rates

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Home Equity Loan Fast Fact

Home Equity Loan

A home equity loan can be either a closed-end loan or an open-ended line of credit. A closed-end loan provides a one time lump sum of funds at closing; while the open-ended lien of credit is a revolving credit line available to borrow against on an as-needed basis.

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