Hey kids! Ever heard of a HELOC? It's like a special loan you can get if you own a house and have paid off some of it. It lets you borrow money using your home's value as security. Think of it like a credit card for your house, but with much bigger amounts!
- Several banks offer HELOCs with different benefits.
- Truist Bank is considered the best overall, offering high credit lines and flexible payments.
- Navy Federal Credit Union has great customer service and no fees, but you need to be military-affiliated.
- Bank of America has low fees.
- New American Funding is quickest for closing.
| Bank | Max Credit Line | Annual Fee | Closing Time |
|---|---|---|---|
| Truist | $1 million | $50 (some states) | Not specified |
| Navy Federal | $500,000 | None | 30-40 days |
| Bank of America | $1 million | None | 50 days |
| New American | Not specified | None | 5 days |
Remember, HELOCs are loans, so you'll need to pay them back with interest. It's a good idea to learn about them before you apply for one!
