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$100.00
HELOC is an acronym for Home Equity Line of Credit. This a line of credit tied to the equity of a borrower's home. For instance, if the borrower's home is worth $500,000 and their current mortgage is only $200,000 that means the homeowner has $300,000 in equity. In this example, a homeowner could ask a lender to give them a line of credit against their home for $100,000 of the $300,000 of equity that they have. This gives the homeowner access to money for a rainy day, home renovations, etc.
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