Differentiate between a home equity line of credit (HELOC) and home equity. Describe how a HELOC works.
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Differentiate between a home equity line of credit (HELOC) and home equity. Describe how a HELOC works.
Line of CreditA line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...
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A home equity line of credit HELOC is a loan in which the equity in a home ...View the full answer
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