Easy Home Equity Loans

How a Home Equity Line of Credit Works

As you may have already discovered through our site a home equity line of credit is a credit line against the amount of equity you have in your house.  When you first get a line of credit loan you can take an initial draw.  For example, if you get a credit line for $50,000 you can "draw" out $20,000 at the time of close and have $30,000 in credit left. Now if you pay the $20,000 back during the draw period you can then borrow that amount again until the repayment period.

After the initial draw at the time of close you take more money out by using special checks that will be issues to you by the lender. All you do is right a check to yourself for the amount that you need.

Home Equity Line of Credit Tools
What is a Home Equity Line of Credit?
What is a Home Equity Loan?
Home Equity Line of Credit vs. Home Equity Loan
Qualifying Guidelines
Variable vs. Fixed

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