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Definitions of Equity Line of Credit

A credit line secured by equity in the property. Usually a simple interest loan with a variable interest rate. Payments are applied towards the principal balance on the day after they are made, unlike a mortgage which only applies payments once per month. Can also be known as a line of credit, or a home equity line, or home equity line of credit or a HELOC. These last three refer specifically to an equity line of credit secured by a home
A credit line secured by equity in the property. Usually a simple interest loan with a variable interest rate. Payments are applied towards the principal balance on the day after they are made, unlike a mortgage which only applies payments once per month. Can also be known as a line of credit, or a home equity line, or home equity line of credit or a HELOC. These last three refer specifically to an equity line of credit secured by a home