What is a HELOC and How Do I Use It? | Ep. 12

The financial industry is filled with acronyms, and one of those is a HELOC, which stands for a Home Equity Line of Credit. On this episode of the Pocket Change Podcast, Shea and Mary Helen sit down with our guest Spencer Pratt, Executive Vice President of Leaders Credit Union, who explains everything you need to know about HELOCs and the various ways you can use them.

 

Highlights:

3:07-4:00- What is a HELOC?

4:07-4:48- Quick Example

4:54-6:05- What do people use it for?

6:07-6:40- Cash Flow

6:50-8:05- 7 Year draw

9:30-11:00- Interest rate for HELOC

11:50-12:15- How does someone get a HELOC?

 

To learn more about HELOCs, visit https://www.leaderscu.com/home-loans/heloc.

 

The Pocket Change Podcast is presented by Leaders Credit Union. Learn more at https://www.leaderscu.com/.