Author Archives: Jeremy Steves

HELOC is a special type of credit. It is an acronym that refers to a home equity credit line. Due to the fact that the borrower secures the HELOC with a portion of the property’s value, it is a good idea to have a home insurance. The borrower does not have the legal obligation to insure the property, but many creditors will offer such an insurance. With a HELOC, a maximum amount that the client can draw is established. HELOC differs from other loans in one important way – the whole amount of the loan is not advanced. In this way, a HELOC is not similar to home equity loans because the borrower does not obtain the whole amount. Continue reading →