A:
1 Answer
rank
1
|
A Home Equity Line of Credit (HELOC) is money in an account that can be used, as you need it. You can use any portion at any time and pay it back at any time. The interest is variable and tied to the prime rate. Other types of second mortgages or home equity loans allow you to borrow a lump sum and pay it back over a period of years with interest. The interest rate is fixed.
more
|
homeplusmortgage.com
Related Videos
Add your answer...
Top Answerers
1.
2.
3.
Top Askers
1.
2.
3.
Top Supporters
1.
2.
3.
What is the difference between a Home Equity Line of Credit (HELOC) and another type of second mortgage?
Related Questions
- No, the NHRP does not cover HELOCs or second mortgages. If you have a HELOC or second mortgage with BOA Home ...
- No, the NHRP does not cover HELOCS or second mortgages. If you have a HELOC or second mortgage with Bank of ...
- HELOC, pronounced HEE-lock, is the financial industry’s abbreviation for Home Equity Line of Credit. A HELOC ...
- The federal funds rate is the rate that a Federal Reserve District bank charges another bank for the ...
- A HELOC second mortgage is nothing more than a HELOC (home equity line of credit) taken after you already ...