A revolving line of credit means that you can borrow up to a certain amount (depending on the available equity in your home) and make monthly payments. The payments are determined by how much you currently owe on the loan. Once you have paid off the money you can borrow it again without applying for another loan. It is similar to a credit card in that way. It is important to remember that if you miss payments on your home equity loan, you do put your home at risk. This is why you should avoid using it to pay off your credit cards or other debt.
You need the help of a mortgage professional to make the right decisions. We can provide many programs to help you make an informed decision.
