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(HELOC) Is Different from Home Mortgage Refinance | California Platinum Loans

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California Platinum Loans

Have you been thinking about a HELOC, aka a home equity line of credit? With favorable 30 year refinance rates and California home loans offering many options for refinancing or using the equity in your home, you’ve got a lot of choices to meet your financial goals. Many people choose a HELOC to pay off high interest credit card debt. This is just one use of a HELOC that can meet your financial needs. A home equity line of credit (HELOC) is different from a home equity loan or a home mortgage refinance. With a home equity line of credit, you get credit available for your use as-needed. Once you use the credit you pay back the funds you use over time. The minimum payments required are usually interest only. So you can pay for home improvements, college tuition, or even a down payment on a vacation home. Then you have the flexibility and financial breathing room to pay the HELOC money back over time in different amounts. Your HELOC will have a variable and adjustable interest rate, similar to an adjustable rate mortgage (ARM). If you want a line of credit with interest rates that are usually much lower than unsecured credit cards, a HELOC may be the answer. HELOCs offer access to funds that you can borrow, use, and repay on a flexible schedule. Most people choose a HELOC because it offers flexibility and availability, along with lower monthly payments, and lower interest rates.

Read More:- https://californiaplatinumloans.com/want-a-heloc-a-home-equity-line-of-credit-can-lower-your-monthly-payments-and-help-you-achieve-your-goals%e2%80%8b/

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