What is a HELOC?

A Home Equity Line of Credit (HELOC) is like a savings account for your home. It represents the money you’ve invested in your property over time. The more you pay down your mortgage, the larger your savings grow. 

For instance, let’s say your home is appraised at $300,000, and you owe $200,000 on your mortgage. That means you have $100,000 in your home’s savings account (your equity). Some other things, like whether you have other loans on your home, can also affect this. So, you see, it’s all about building financial security for U and your home!