What is a Home Equity Lines of Credit (HELOC)?
A home equity line of credit (HELOC) is another way to borrow against the equity in your home. The principal difference between a HELOC and refinancing is that the HELOC is typically a second mortgage and a refinance pays off your current mortgage and replaces it with a new first mortgage. Since HELOCs are secured by your home, interest rates are typically lower than other forms of borrowing. There may also be tax-deductible benefits with these loans (consult your tax advisor about your personal situation). Many Lennar customers who do not see an immediate need for additional funds at time of closing may apply for a convenient UAMC No Closing Cost HELOC*. It’s a smart financial management tool to have access to, should you ever need it. Some customers consolidate higher interest credit cards and pay them off with the proceeds from a HELOC. Others choose to use their money for larger purchases such as a pool or car. Whatever the choice this No Closing Cost HELOC could provide peace of m
