 | A Home Equity Line of Credit is a line of credit based on the precentage of your home you have already paid for. For instance, you have a mortage for $100,000 and you have paid 30,000 of principal and owe $70,000. The $30,000 of equity can be taken out as a line of credit. A line of credit means that you can borrow any amount up to $30,000; you are not taking the entire sum up front.
HELOC interest rates are based on the prime rate, which means that it can change monthly. The prime rate is then added to what is called the Margin. Your margin is based on you FICO(credit score). The better credit you have the better margin you will have. I have even seen negative margins on some loans. So for example lets say you have a 2% margin and then prime rate is 8%. Your HELOC would then have a 10 | | | |
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 | A home equity line of credit (often called HELOC and pronounced HEE-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses.HELOC abuse is often cited as one cause of the subprime mortgage crisis.
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