HELOC

A Home Equity Line of Credit (often called HELOC, pronounced HEE-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house. These loans are beneficial especially if you don't want to touch your first lien but would like to request additional funds for things like (college education, fixing up the house and or unexpected expenses. Typically these loans are priced off of the prime rate.[Apply]