Glossary · Financing
What is Home equity line of credit (HELOC)?
A HELOC is a revolving line of credit secured by your home equity that you can borrow from as needed.
Definition
Also known as: HELOC
A HELOC lets you borrow against the equity you've built, up to a set limit, and pay interest only on what you use. It works like a credit card secured by your home, often with lower interest rates than unsecured borrowing.
HELOCs are popular for renovations, emergencies, or consolidating higher-interest debt. Because your home is collateral, it's important to borrow responsibly and have a clear repayment plan.
When home equity line of credit (heloc) matters
- Funding a renovation in stages
- Covering large or unexpected expenses
- Consolidating higher-interest debt
With Homeprint
How Homeprint helps with home equity line of credit (heloc)
Homeprint helps you understand your available equity by tracking your home's value and mortgage balance in one place.
- Keep every related document in one secure place
- Track your home's value and finances over time
- Stay connected with trusted neighbourhood experts
Home equity line of credit (HELOC) — FAQ
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