Key Takeaways

• An excellent HELOC try a low-interest, flexible financial device protected by the security of your home.
• That have property collateral mortgage, the borrower gets the loan proceeds at once, if you are a great HELOC allows new borrower to help you make use of this new range off borrowing from the bank as needed.
• While do it yourself is a fantastic way to explore an effective HELOC, you are not minimal for you to use the currency and can use it to cover almost every other existence desires.