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Equity Line of Credit #780723

Asked January 24, 2022, 2:29 PM EST

I just have some general questions about variable interest and draw schedules/

Livingston County Michigan

Expert Response

Lori,
Thanks for your question about home equity lines of credit. Here are some websites and booklets with reputable information from the Consumer Financial Protection Bureau that will hopefully answer your questions:
https://www.consumerfinance.gov/ask-cfpb/what-is-a-home-equity-loan-en-106/
https://www.consumerfinance.gov/ask-cfpb/my-lender-offered-me-a-home-equity-line-of-credit-heloc-what-is-a-heloc-en-246/
https://files.consumerfinance.gov/f/201401_cfpb_booklet_heloc.pdf
https://files.consumerfinance.gov/f/201204_CFPB_HELOC-brochure.pdf

An Ask Extension Expert Replied January 25, 2022, 8:50 AM EST

This work is supported in part by New Technologies for Ag Extension grant no. 2020-41595-30123 from the USDA National Institute of Food and Agriculture. Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the view of the U.S. Department of Agriculture.

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