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Home Equity Line of Credit

Navigation:  Home > Mortgage > Home Equity Line of Credit


A Home Equity Line Of Credit is a kind of revolving credit (credit available repeatedly up to a designated amount as periodic repayments are made) in which your home is used as collateral. This is considered a type of second mortgage on your home. Home Equity Lines Of Credit have a variable interest rate and a draw period. A draw period is the time frame during which you may use the credit available. When you borrow funds from your line of credit it is referred to as a draw. A Home Equity Line Of Credit gives you a credit line that you can borrow against at any time during the draw period and up to a maximum amount. In most cases the interest on your Home Equity Line Of Credit is tax deductible as long as your home equity debt is $100,000 or less and the total debt on your home is less than or equal to your home's appraised value. Any mortgage debt above your home's value may not be tax deductible.

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