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heloc rates michigan, what is a home equity line of credit, how do you get a home equity line of credit

Home Equity Line of Credit (HELOC)

Tackling home improvements? Planning a vacation? Looking to buy a new car?

Use the equity in your home to your advantage: 

  • Debt Consolidation 
  • Education Expenses 
  • Wedding Expenses 
  • and more! 

Features of a HELOC:

  1. Secured by Home Equity: HELOCs are secured loans, meaning they use your home as collateral. The amount you can borrow is determined by the difference between your home's current market value and the outstanding balance on your mortgage.

  2. Revolving Credit: HELOCs function much like a credit card. You can borrow and repay funds repeatedly during the draw period (typically 5-10 years). As you repay the borrowed amount, the credit becomes available again, allowing for ongoing access to funds.

  3. Flexible Use: HELOC funds can be used for a wide range of purposes, from home renovations to covering unexpected expenses. Many people use them for debt consolidation to lower interest rates.

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