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Home Equity Line of Credit
 
Equity?
Equity is the difference between the fair market value of a property and its current loan balances. Basically, equity is the amount of money that would be received if a property is sold and all loans are paid off.

What is an Home Equity Line of Credit?
An Home Equity Line of Credit (HELOC) is a pool of credit available that is secured by the equity in real property. The maximum loan amount is established based on credit history and current equity. Once a loan is approved, a mortgage is recorded against the property for the maximum loan amount.