Master Heloc Secrets Pros Cons Revealed Simplified

The Cons to Consider

While the flexibility of a HELOC is appealing, it comes with its share of risks. The variable interest rates mean payments can increase over time, potentially leading to higher borrowing costs. Additionally, since your home is used as collateral, defaulting on payments could result in foreclosure³. It's crucial to have a repayment strategy in place to mitigate these risks.