Home equity lines of credit (HELOCs) have many different advantages, making them popular products. However, without knowing how a HELOC works, a homeowner might not appreciate all the benefits it can deliver.
If you need money to make home improvements or even finance a wedding, a HELOC could be your solution. Our video "What is a HELOC?" outlines the basics so you know exactly how to best use one.
HELOCs can be versatile, flexible
HELOCs are similar to credit cards, in that they extend a balance to borrowers that can be drawn on when needed. The key here is that your credit limit is determined by the home equity you hold.
Beyond the fundamentals, our video addresses HELOC benefits that can include:
- Lower interest rates.
- Freedom to use funds.
- Flexible terms.
Watch the video to gain a better understanding of HELOCs, and contact Comerica Bank today if you are interested in learning more.
