What is heloc?
HELOC stands for home equity line of credit, or simply home equity line. It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount. ChaCha on!
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About Home Equity
Home equity is the financial value of a home, minus the amount that is owed for the mortgage. If the mortgage is entirely paid off, then the homeowner's home equity equals the entire market value of the home. If money is still owed on the mortgage, home equity is equal to the market value of the home minus the amount the homeowner still owes on their mortgage.
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