Home Equity Line of Credit (HELOC) South Carolina | serving SC & North Carolina

What Is a Home Equity Line of Credit?

A Home Equity Line of Credit, commonly known as a HELOC, functions similarly to a credit card but is connected to your home. It allows you to borrow money using your home’s equity as collateral. This can be an effective way to fund large expenses or pay off high-interest debts like credit cards.

How Do Home Equity Line of Credit Work and Why Are They Attractive?

Think of your home as a piggy bank. With a HELOC, you can borrow money from this piggy bank up to a certain limit. When you repay what you’ve borrowed, the piggy bank fills up again, allowing you to borrow more if needed. This borrowing phase, known as the draw period, typically lasts about 10 years. Following this period, you enter the repayment phase, which usually spans 20 years, during which you pay back what you borrowed.


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