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Mortgage glossary
HELOC (Home Equity Line of Credit)
A reusable line of credit secured by the home. The borrower may draw funds up to an approved limit during the draw period, subject to the agreement. Many HELOCs have variable rates, and failure to pay can put the home at risk.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.