Category: HELOC

There are plenty of loans out there, but few are as popular as a home equity line of credit, also known as a HELOC. This loan is a great option for many borrowers due to its flexibility and lower rates. However, as with most things in the financial world, it’s important to do some research first before applying for anything. Lucky for you, our expert financial team here at RMLEFCU knows the ins and outs of HELOCs – including its advantages and disadvantages.

In our opinion, the best way to leverage your home’s equity is through a home equity line of credit. Here’s how it all works.

HELOCs allow you to borrow the equity you’ve built in your home and turn it into cash that you can draw from whenever you need it. However, especially when it comes to properly handling your home’s equity, it’s important to know all your potential choices before coming to a decision. One option that we speak with many of our members about is called an interest-only HELOC.