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re: Personal Line of Credit

Posted on 9/26/12 at 11:05 am to
Posted by yellowfin
Coastal Bar
Member since May 2006
97771 posts
Posted on 9/26/12 at 11:05 am to
quote:

We used to have one that was secured by a second mortgage on our house.


HELOC?
Posted by TigerAlum1982
Member since Sep 2011
1442 posts
Posted on 9/26/12 at 11:17 am to
Yes, a home equity line of credit. I guess that is different from a personal line of credit? I'm not a finance wiz and didn't really think about there being different kinds. We had one with a $50,000 limit over a ten year period and used it to do several remodeling projects on the house; then paid it off and closed it. Worked out great. Was an adjustable rate, but stayed at 2.5% just about the whole time we had it.
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