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  • A HELOC is a Home Equity Line Of Credit
  • A HELOC gives you access to equity in your home. It is best used for short term borrowing and often used for “emergencies” such as replacing a furnace or water heater or doing some renovations on the home. It can be borrowed and paid off as you need it.
  • A HELOC is always in a variable rate based on the Prime Rate
  • You only pay interest on what has been borrowed. If there is no balance on your HELOC, there is no cost to having it

The rule with refinances is that you can only go up to 80% of the home’s value (i.e. if the home is worth $400,000 you can refinance up to $320,000). The remaining 20% equity becomes available if you decide to sell the property.

Because the HELOC has no term and is in a variable rate, you can pay it off at any time penalty free