Pay less for your loans, starting today. A home equity line of credit (HELOC) is a variable rate loan based on the available equity in your home.
A HELOC is great for homeowners who want a lower initial rate than fixed rate loans, or those who want easy access to funds in case of an emergency.
The amount of the loan is based on the available equity in your home, and the interest rate is usually determined by a margin (which is fixed), plus the prime rate (which is variable).
Access checks allow you to withdraw money when you need it. As you pay, the remaining line of credit is available to you to use any way you like—consolidate your credit card debt, pay off auto loans and personal loans, pay for educational expenses or home improvement—the choice is yours.
As an added bonus, the interest you pay is generally considered to be tax-deductible, although you should contact your tax advisor for details about this particular feature of home equity products.
Have more questions? Call Capital One Home Loans today for your no-obligation loan consultation, and find out which loan is right for you. You can also apply online now. |
