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  2. What is the average credit limit for Americans? - AOL

    www.aol.com/finance/average-credit-limit...

    But the average credit card balance was $6,501 during the same quarter— well below the average credit limit. The average credit limit increased 6.8 percent compared with the third quarter of ...

  3. Home equity line of credit - Wikipedia

    en.wikipedia.org/wiki/Home_equity_line_of_credit

    A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage).

  4. Warehouse line of credit - Wikipedia

    en.wikipedia.org/wiki/Warehouse_line_of_credit

    Warehouse lines of credit are usually priced off 1-month LIBOR plus a spread. [4] Also, warehouse lenders typically apply a 'haircut' to credit line advances meaning that only 98% - 99% of the face amount of loans are being funded by them; the originating lenders have to provide with the remainder from their own capital. [4]

  5. Home equity loan - Wikipedia

    en.wikipedia.org/wiki/Home_equity_loan

    A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. With a HELOC the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria ...

  6. Should you use a HELOC to pay off your mortgage? - AOL

    www.aol.com/finance/heloc-pay-off-mortgage...

    If your HELOC lender is also your mortgage lender, you might even be able to apply the credit line funds directly to your mortgage payments. 4. Pay off your mortgage and maintain regular HELOC ...

  7. Open-ended mortgages: What are they and how do they work? - AOL

    www.aol.com/finance/open-ended-mortgages...

    Key takeaways. An open-end mortgage provides financing to help you buy a home now and renovate it in the future. Open-end mortgages work similar to a home equity line of credit, but you can only ...