A line of credit is a flexible instrument. It can be used to cover for home improvements, holidays, education and lots of other functions. It can also be used to repay mortgage debt. One advantage of using a line of credit to repay a mortgage is that the funds will be immediately available whenever you …
A home equity line of credit, or HELOC, uses the equity in your house –the value of the property less the amount you owe on your mortgage–as collateral for a line of credit from your bank. Rates on a HELOC are usually lower than credit cards or consumer loans, however greater than a mortgage, and …