Why Access Your Home Equity with HELOC?
You only pay interest on what you borrow while being able to leave the rest on the credit line for an emergency or a financial opportunity.
If you pay down your line, you can always re- access it, unlike a first mortgage or 2nd mortgage cash-out.
Interest rates are much lower than credit cards, funds are liquid, and the funds are available almost immediately when requested from your servicer.
Lastly, if you have a low first mortgage interest rate, this is a great way to access your equity while keeping that interest rate intact.