Home Equity Line Of Credit
For many people, a line of credit (LOC) is a good source of emergency funds. This option gives you the highest credit limit available, based on the equity in your home. You can receive a loan of up to 90% of your property's value. Enjoy the option of interest-only monthly payments, lower interest rates and lower monthly payments that you would get from the secured line of credit.
Benefit of secured line of credit
A secured LOC (backed by the equity in your house) lowers the risk to the lender so you get a lower interest rate, lower monthly payments, and a significantly higher limit. In fact, if you plan to use a significant amount of credit, you can save hundreds of dollars a year with a secured LOC.