A Home Equity Line of Credit is a flexible loan where your home serves as collateral, and you can draw funds as needed up to a preset limit.
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What is a Home Equity Line of Credit?
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How does a HELOC differ from a home equity loan?
Unlike a lump-sum home equity loan, a HELOC offers a revolving credit line with no fixed borrowing amount, giving you the flexibility to withdraw funds as needed.
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What are the interest rates for a HELOC?
Interest rates for HELOCs in Alberta are typically lower than those for credit cards or personal loans, making it a cost-effective borrowing option.
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Can I repay my HELOC early without penalties?
Yes, you can usually repay your HELOC early without any penalties, allowing greater flexibility in managing your debt.