A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity of their home, typically used for major expenses, home improvements, or paying off high-interest debts.
A Home Equity Loan is a type of loan in which the borrower uses the equity of their home as collateral. These loans are typically used to finance major expenses such as home repairs, medical bills, or education fees.
A line of credit (LOC) is an arrangement between a financial institution and a borrower that establishes a maximum loan balance that the lender permits the borrower to access or maintain. The borrower can draw funds, repay, and redraw, provided the borrowing does not exceed the agreed credit limit.
Takedown refers to the instance when a borrower actually accepts money from a lender under a line of credit or loan commitment, often structured in stages to align with project milestones.
