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West Virginia FCU
West Virginia FCU

Home Equity Line of Credit

A home equity line of credit (aka HELOC) is secured by your home and can provide you a revolving credit line much like a credit card but typically has a better interest rate. The main difference is that you are borrowing on the built in equity in your home. This means you may borrow against your home at any time, and you can borrow a little and as much up to a specific limit. Generally there is a period of time you may draw money out from your HELOC and then there will likely be a repayment period.

Home equity lines are often used for home improvements which could increase the value of home, payoff high interest credit card debt or make major purchases.

Getting to know the basics

We'll help make this process easy for you - stop by one of our convenient locations and speak with a Mortgage Loan Specialist to learn more.

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