Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit, known as a HELOC, is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit your lender assigns, access your loan by making a transfer into your checking account. A HELOC is a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the rate. HELOCs are not available in all states.