A home equity line of credit, or HELOC for short, is an alternative way to access your home’s equity. Since the HELOC is secured to your home, it will offer lower interest rates and more flexible terms. You decide how much credit you need, when you need it, then repay it when you can. There is never a penalty to pay off your balance. Once approved, a line of credit can be accessed any time, for any amount up to your limit. Once paid off or paid down, the HELOC remains opens so unused credit can be used again for another project or financial goal. 

HELOCs are great options for the following: 

• Debt consolidation: HELOCs can turn high-interest payments into one affordable payment. 

• Small business owners requiring financing for operations 

• Renovation financing or investing 

• Downpayment for second properties, vacation homes and rental properties