home equity line of credit


A method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or credit card. It differs from a standard loan in that the borrowing may be done over a period of time, preventing excess borrowing and limiting interest costs.

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We had some home equity line of credit that we borrowed and I hoped that everything would turn out okay.

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We recently inquired about a home equity line of credit as the interest rates were more favorable than we were able to obtain on student loans for financing our son's education.

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The couple got in trouble when they borrowed much more money than they should have from their home equity line of credit, because their house was foreclosed upon when they could not pay it back.

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home equity line home equity loan