Considering a HELOC?

A HELOC is a "second mortgage" that acts like a revolving line of credit. Unlike a standard home equity loan (which gives you a lump sum upfront), a HELOC lets you draw cash as you go, pay it back, and draw again.

Key tip for borrowers: Because most HELOCs have variable interest rates, they are great for short-term flexibility but require a plan to pay down the balance before the repayment period kicks in.

Have you used a HELOC for a renovation project, or did you prefer a fixed-rate loan? Let’s discuss the pros and cons below.