A home equity line of credit (HELOC) allows you to borrow the difference between what your property is worth and what you still owe on the  1st mortgage.

By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please. Typically the interest rate on these loans is based on the prime rate plus a margin.

In determining your actual credit line, the lender also will consider your ability to repay, by looking at your income, debts, and other financial obligations, as well as your credit history.

If you borrow $40,000 and pay it back, you can borrow that money again. A home equity line is a form of revolving credit in which your home serves as collateral.

The funds are often accessible through an account where you write checks that become a series of "mini-loans" against your equity. When you repay the "mini-loans" plus interest, you can use the equity over and over again.

To get started, apply here today!