A HELOC is a way to tap into your home’s equity — the portion of your home you own outright. Like a credit card, a HELOC lets you borrow from a credit line gradually, as the need arises, up to a specified dollar limit. You can then pay the money back in installments. jd8/Shutterstock
If you’re considering borrowing against your home with a home equity line of credit (HELOC), shopping around for one beforehand is crucial—both for the most competitive interest rate and for other favorable terms and conditions, too.
