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House equity personal credit line

House equity personal credit line

A property equity personal credit line (HELOC) leverages the equity in your house — the total amount the house may be worth minus the total amount of the home loan regarding the property — to offer use of a personal credit line for a amount that is certain of.

A HELOC generally features a draw duration, which will be the total amount of time during which you need to use the credit line, of ten years.