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HELOC stands for home equity line of credit. It is a loan based on the equity of the borrower’s home. Similar to how a credit card works, it allows you to take out money and pay it back down at your own pace up to a certain amount during the draw period. A home equity loan based on the equity of the borrower’s home.
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Building a brand-new home to your exact specifications may sound like a dream come true, but home development can get pretty complicated, especially if you need to take out a loan to pay for it.