Your Neighbor Got A HELOC, Should You?
One neighbor is putting in a pool. Another is redoing their kitchen and adding a deck. Their secret weapon: a home equity line of credit or HELOC. A HELOC is different than a home equity loan that allows you to borrow a lump sum at one time with set payments at a fixed interest rate. Instead with a HELOC, you get an approved credit line up to a certain dollar amount and you can borrow over time, at a variable interest rate, paying interest only for up to 10 years.
