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Exploring the Benefits of a HELOC
One of the most significant advantages of a HELOC is its flexibility. You can draw funds as needed during the draw period, which typically lasts 5-10 years, and only pay interest on the amount borrowed. This can result in significant cost savings compared to traditional loans where you pay interest on the entire loan amount from the start.
Moreover, HELOCs often come with lower interest rates than credit cards or personal loans, making them an economical choice for funding large expenses. The interest may also be tax-deductible if the funds are used for home improvement, offering additional savings4.