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Real Estate Glossary

What is Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow money using the equity in their home as collateral. This type of loan typically has a variable interest rate and allows homeowners to access funds as they need them, similar to a credit card. This is why it is also called a "home equity line of credit." With a HELOC, homeowners can borrow money up to a certain limit and only pay interest on the amount they borrow. This type of loan is often used for home improvements, debt consolidation, or other large expenses.

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Beycome Family of Companies: Beycome Mortgage LLC provides home loans; Beycome Brokerage Realty LLC, Beycome Brokerage Realty Inc., and Beycome of Florida LLC provide real estate services; Beycome Title of Florida LLC provides title insurance services. These are separate entities under Beycome Corp., each governed by its own management as required by law, but all owned by the same individuals, forming a business relationship.
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Artur

Real Estate Expert