Secret Home Equity Line Requirements Revealed for Approval
Benefits of a HELOC
HELOCs offer several benefits that make them an attractive option for homeowners:
- **Flexible Access to Funds**: You can borrow as much or as little as you need, up to your credit limit, during the draw period, which typically lasts 5 to 10 years5.
- **Interest-Only Payments**: During the draw period, you may have the option to make interest-only payments, reducing your financial burden.
- **Potential Tax Benefits**: Interest paid on a HELOC may be tax-deductible if used for home improvements, though it's essential to consult a tax advisor for specific advice6.