To decide if a home equity line of credit (HELOC) best meets your financial needs and goals, consider how long you will need to use the money, what you plan to spend it on and how long it will take to pay back. HELOC benefits include flexibility and easy access to your funds. It’s an open-ended product that you can secure as a financial safety net or designate for specific expenses. While HELOCs often don’t have closing costs and offer lower interest rates than unsecured credit lines, it is typically a variable-rate product and may not be the right choice if you need to borrow a large sum of money all at once.

 

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HELOC cons: