What Is a Home Equity Line of Credit?
A Home Equity Line of Credit is a line of credit that uses the equity you have in your home as collateral. You are provided access to these funds to use at your discretion. Since you will pay interest only on the funds you use at the time that you use them, the interest rate on your HELOC will depend on when you withdraw funds from the account. Many homeowners choose to use their Home Equity Line Of Credit (HELOC) for major expenses such as education, medical bills, and home improvements, as well as for debt consolidation.
Flexible Payment Options and Ongoing Access to Funds
A HELOC offers flexible payment options and access to funds whenever you need them. You will be issued a Bank of Internet USA HELOC debit card, which will allow you to make multiple purchases or handle multiple expenses. A HELOC is ideal in helping you to prepare for situations in which you know you will need money, but don’t know exactly how much you will need or when you will need it.
Why Get a Home Equity Line of Credit?
- You can access your variable-rate Home Equity Line of Credit during the draw period, and you will pay interest only on the funds you use1.
- You can pay down your line of credit by making additional principal payments at any time without penalty as long as your account remains open.
Which Bank of Internet USA home equity product is right for you?