Line of credit Loan
A line of credit home loan where you can access some of the existing equity you’ve built up in a property. You can withdraw this money up to a certain amount (the credit limit) which is determined by your lender.
A line of credit loan might be a suitable choice for borrowers looking to access some of their built-up equity to satisfy short or long-term financial needs.
Line of credit loans are a form of revolving credit that can often be accessed at any time. And like a credit card, this loan only charge interest on the amount you’ve actually used, not on the entire credit limit..
What is a line of credit good for?
Line of credit loans can be used for a huge range of things, with some of the more commonly cited uses being:
- Home renovations and repairs
- Buying a second house
- Buying a car
- Taking a holiday
- Paying for a wedding
If you were considering doing some major renovations to your home and have a handy chunk of equity built up, you could take out a line of credit loan for the required amount. Line of credit loans are flexible options for things like this as you might not always know exactly how much you’ll need.
Generally, lines of credit are better used when you don’t have a specific value of money you need to borrow, and might need a little bit of lee-way.
Associated Banks
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