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Prev Next  Johner Images/Getty Images 4 minute read Published October 20, 2022 Written by Jennifer Calonia Written by Jennifer CaloniaArrow RightContributing writer Jennifer Calonia is an L.A.-based writer and editor. She's covered topics like debt, saving money and credit cards. You can find her work on Business Insider, Forbes and more. Jennifer Calonia Edited by Suzanne De Vita Edited by Suzanne De VitaArrow RightMortgage editor Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
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Close Estás ingresando al nuevo sitio web de U.S. Bank en español. Estás ingresando al nuevo sitio web de U.S. Bank en español.EN Verás el ícono EN en los enlaces que te llevarán a páginas web que por el momento solo están disponibles en el sitio web de U.S. Bank en Inglés. Continuar How do you access money from a HELOC?Your lender will provide you with options for accessing your funds. Most allow you to withdraw cash by online bank transfer or a HELOC account card (similar to an ATM card). If you get an account card, you can use it just like you would use a debit card to make purchases or withdraw cash at an ATM.
Can you use an equity line of credit for anything?One of the major benefits of a HELOC is its flexibility. Like a home equity loan, a HELOC can be used for anything you want. However, it's best-suited for long-term, ongoing expenses like home renovations, medical bills or even college tuition.
What are the disadvantages of a home equity line of credit?Variable interest rates could increase in the future.. There may be minimum withdrawal requirements.. There is a set draw period.. Possible fees and closing costs.. You risk losing your house if you default.. The application process for a HELOC is longer and more complicated than that of a personal loan or credit card.. What can you use an equity line for?A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans 1 such as credit cards.
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How to use equity line of credit
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