when can you get a home equity line of credit

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    You may be able to get a home equity loan as soon as you purchase your home, but there are a number of factors that influence whether you’ll qualify and how much you can borrow. These loans can be.

    There are a few ways in which a homeowner can tap into their property’s equity to cover a big expense or finance an emergency repair. Here we’ll take a look at home equity lines of credit, or HELOCS, a revolving credit account (like a credit card) that could enable you to borrow up to 80% – or even 90% of your home’s value. Of course, you – or, perhaps, more pointedly, your home.

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    If you’re interested in borrowing against your home’s available equity, you have choices. One option would be to refinance and get cash out. Another option would be to take out a home equity line of credit (HELOC). Here are some of the key differences between a cash-out refinance and a home equity line of credit:

    So before you get a cash-out refinance, home equity loan or home equity line of credit (HELOC), think about how you plan to use the money. Here are five common ways to spend home equity money.