& its Importance.
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It is a kind of credit that enables a borrower to get the maximum amount from its lender within a specified time period. This type of credit can be used again, once the total amount has been paid back and the borrower can use its principal amount again. With the use HELOC, a borrower can get the full benefits on the accumulated equity. This line of credit is available through checks and or some other means (e.g., Citibank Financial Center, ATM or through online and others). You can understand the value of HELOC by looking at its uses in different areas that include educational needs, renovation of home, automobile purchases and many others. Some of the properties of HELOC include:
· It is very much alike to the credit cards, but its limit is determined through your home-equity and your credit report and is normally of lower rate than the credit cards.
· You can always utilize the power of the Line of Credit, thus making it very useful for you and your family.
· In case of HELOC, the rate of interest can vary according to the market trend as it is associated with the Prime Rate and is mostly lower than the fixed rate that can be seen in a particular section of the Wall Street Journal called Money Rates.
· You have the power to pay your interest to a period that can span up to 10 years or can pay the whole balance at once.
· Citibank provides you with a facility to get your funds through checks.