What is a HELOC?
A HELOC (home equity line of credit) is a revolving credit line secured by your home equity, with a variable rate that follows the Prime rate. Unlike a cash-out refi, it preserves your original mortgage. Best for ongoing renovations or as a backup line of credit.
More context
A HELOC (home equity line of credit) is a revolving credit line secured by your home equity, with a variable rate that follows the Prime rate. Unlike a cash-out refi, it preserves your original mortgage. Best for ongoing renovations or as a backup line of credit. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.