Home Equity Line of Credit (HELOC) with Third Federal
Opening a home equity line of credit (HELOC) or taking out a home equity loan is a great way to pay for the big things that can improve your family's quality of life, like tuition, home renovations, or starting a business. And because you’re borrowing against the value of your home, your interest rate is usually quite low.
Home Equity Lines vs. Home Equity Loans
There are two types of home equity products — home equity lines and loans. Both products use the equity you have in your home as collateral, and serve as a second mortgage. A home equity line or loan doesn’t have to be with the same lender that has your first mortgage.
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