HELOCs

A home equity line of credit or HELOC is a revolving source of funds secured by the equity you have in your home as collateral. To qualify for a HELOC, you need to have available equity in your home, meaning the amount you owe on your home must be less than the value of your home.  The amount of credit available to you is based upon the equity in your home, your debt-to-income ratio (DTI), and your credit score and history.  
 

Benefits and Uses of HELOCs
  •  Consolidate debt

  •  Home improvement or repairs

  •  Vacation

  •  Education

  •  Emergency funds