The Lowest Rate on Your Home Equity Line of Credit Posted in September 15th, 2009 Category: Mortgage... equity loan and a home equity line of credit. A home equity loan is when you borrow a set amount based... is not needed In this situation a home equity line of credit allows you to have more flexibility. A home equity line of credit or HELOC has a variable rate and works similarly to a credit card. For instance if you have $15,000 in equity you can take out a home equity line of credit and borrow $5,000
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