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Acronym of the day! What is a HELOC?

Blog by Diane Cardoso | May 14th, 2020

What is a HELOC? Don't you just love Acronyms?  In it's simplest form, a HELOC works somewhat like a credit card.  You can borrow money up to a certain credit limit set by your lender and then pay back the borrowed amounts along with the interest.  This option can offer more flexibility - you can even withdraw and make payments on a daily or weeky basis, if necessary. 
A HELOC's credit limit depends upon a number of factors, including your credit and unpaid debts, but it's determined largely by the market value of your home and the amount you owe on your mortgage. 
To find out more about the Acronym of the day, speak with your Mortgage Broker or Banker for more info.
Courtesy of Kelly Hudson Mortgages.