A home equity line of credit is a loan in which the borrower uses the equity in their home as collateral. The loan is typically used for home improvement projects or other major expenses. The interest rate on a home equity line of credit is usually lower than that of a personal loan or credit card. Home equity lines of credit typically have a draw period, during which the borrower can take out the money as needed, and a repayment period, during which the borrower repays the loan. Continue reading An Easy Guide To Understanding What A Home Equity Line Of Credit Is