What does HELOCs stand for?

[z0mb13]

Thanks a lot..

 

[Joemonkey]

Home Equity Line Of Credit

 

[BigSmooth]

For future reference: http://acronymfinder.com/ 🙂

 

[z0mb13]

Originally posted by: Joemonkey
Home Equity Line Of Credit

so is that like cash out??

 

[z0mb13]

Originally posted by: BigSmooth
For future reference: http://acronymfinder.com/ 🙂

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[Ameesh]

Originally posted by: z0mb13

Originally posted by: Joemonkey
Home Equity Line Of Credit

so is that like cash out??

no its a line of credit against the equity in your house.

basically its a 2nd mortgage in which you can take out whatever money you have put into the house.

 

[z0mb13]

Originally posted by: Ameesh

Originally posted by: z0mb13

Originally posted by: Joemonkey
Home Equity Line Of Credit

so is that like cash out??

no its a line of credit against the equity in your house.

basically its a 2nd mortgage in which you can take out whatever money you have put into the house.

so its like a 2nd lien loan?

 

[farmercal]

It is like a second mortgage and then again it isn't. It allows people whom can only afford to put down say 5% on a loan to put the other 15% into a HELOC. By taking the HELOC for the rest of the payment, you don't have to carry the extra insurance and because the HELOC is like a second mortgage you can deduct the interest when you do your taxes. The extra insurance cannot be deducted.

 

[faZZter]

Ummmm....we have one of those and yes you can draw money back out of it line of credit style although it is a second mortgage. HELOC's let you do this where a normal 2nd mortgage wouldn't.