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Home Equity Line of Credit Resources
Everything for your Home Equity Line of Credit
Do you know how to utilize your home equity to pay for college, make home repairs, consolidate debt, or afford other expenses? Do you know the difference between a home equity loan and a home equity line of credit loan? Do you know how to find the best rate on a home equity line of credit loan?
Bills.com has the resources you need to take advantage of your home's equity. Bills.com offers a free Savings Center to help you find a great deal on a home equity loan, and equity line of credit articles, guides, calculators, and FAQs to get you up to speed on the latest home equity line of credit news and tactics. Bills.com has what you need to save money, get a great rate, and find a lender who will partner to meet your home equity loan needs.
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Home Equity Line Stories
Read a personal story about a family and their home equity line of credit, and gain a better understanding of what it is.
Home equity line success story
Home Equity Line FAQs
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How are a home equity line of credit and a second mortgage different?
A traditional home equity loan, or second mortgage, is a loan secured against the equity in a home that already has a mortgage. A home equity line of credit is also secured against the equity built up in a home, but instead of receiving the loan in a lump sum, the borrower gets a checkbook or credit card to make purchases. The balance can be paid down or charged up for the term of the loan. -
What terms are typical for home equity lines of credit?
Your home equity line of credit terms will depend on your loan. You will want to ask your lender about the terms of your loan, specifically whether your interest rate is variable or fixed. If your rate is variable, your monthly payment can change. Also, ask whether your payments will cover interest and principal or interest only. Find out about late payment fees and the circumstances under which you could be considered default. -
What repayment period should I expect on a home equity line of credit?
Usually, you have a fixed period during which you can borrow against your home equity, after which you may be able to renew your credit line. If you are unable to renew, you might be allowed a separate period to pay off your loan or you may have to pay your outstanding balance in full.
Home Equity Line Calculators
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Glossary of Home Equity Line of Credit Terms
HELOC: stands for home equity line of credit, which is a line of credit secured against a second deed of trust on a property.
Second Mortgage: a loan secured against a home that is subordinate to the first mortgage against the home.
Lein: a voluntary or involuntary encumbrance against a property for money owed.
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Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 4.71% |
| 15 Yr Fixed | 4.13% |
| 30 Yr Fixed Jumbo | 5.58% |
| 15 Yr Fixed Jumbo | 5.08% |
| 3/1 ARM | 3.57% |
| 5/1 ARM | 3.58% |
| 7/1 ARM | 3.84% |
| 10/1 ARM | 4.23% |
| 3/1 ARM (I/O) | 5.34% |
| 5/1 ARM (I/O) | 3.65% |
| 7/1 ARM (I/O) | 4.01% |
Home Equity Line Articles and Advice
The Basics of a Home Equity Line of Credit
The equity you have built up in your home can come in handy, but only for a few carefully chosen purposes. Learn more about how to use a home equity line of credit to your advantage.
Home equity line of credit basics
How to Shop for a Home Equity Line of Credit Loan
Not all of the offers you receive to apply for a home equity line of credit will be good for your lifestyle. Learn more about what to look for.
Home equity line of credit loans
Home Equity Loan or Home Equity Line of Credit
When choosing between a second mortgage and a home equity line of credit, learn the differences between the loans before you make your decision.
Home equity loan vs. line of credit
When to Refinance Your Home Equity Line of Credit
If you have a variable interest rate on your home equity line of credit, you might consider refinancing. Find out the details on how to refinance and when to do it.
Refinancing a home equity line
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