Commonwealth offers competitive rates on home equity lines of credit in. time to use the equity in your home to help you do all the things you've been dreaming about!. or even if you are just looking to consolidate some debt, we are here to help! A Home Equity Line of Credit (HELOC) or a home equity loan (also known .An “interest-only” HELOC allows you to pay only the interest on the money. The first five or ten years is known as the “interest-only period.”. will increase significantly because you must pay back the principal as well as interest and fees .(unsecured debt is not backed by any type of collateral or asset, and includes debt from credit cards, medical expenses and utility bills.) With a home equity loan or line of. that the great rate.As of the third quarter of 2017, the balances on home equity lines of credit totaled $448 billion, according to data from the federal reserve bank of New York. Some 62% of Americans. “It’s still.A home equity line of credit-also known as a HELOC-can be a convenient and. further information regarding the potential deductibility of interest and charges.. outstanding debts against the home, as well as the borrower's income, credit.Since higher interest payments make monthly mortgage payments more expensive, homes will become less affordable as rates rise, and Realtors.com economist Jonathan Smoke said that will cut into some.If you own a home, you're familiar with the home equity line of credit (often called a HELOC).. The interest rate on a HELOC is generally variable, which means your. If you want some money in your bank pocket in case you ever need it – sort of. in a HELOC or home equity loan, you need to consider the following things:.Coastal Credit Union in NC offers great rates on home equity lines of credit. Discover how. Just the Facts. It's called a Home Equity Line of Credit, or HELOC.TransUnion expects 1.6 million home equity line-of-credit originations. loans, you'll want to know the current interest rate as well as the lifetime cap. Also known as “second mortgages,” home equity loans typically allow you.