NBT Bank Answers: What is a HELOC?

If you’re a little confused by the term “HELOC”, you’re not alone. NBT Bank is here to help you understand it — and make the most of it. HELOC stands for Home Equity
Line of Credit. Think of it as a limited-time
loan that works kind of
like a credit card, only it uses the equity you’ve
built up in your home
as collateral. With a HELOC, you can access
money as you need it, borrowing and paying back as
many times as you’d like over
a defined time period. And because HELOCs are secured
using the value of your home
as collateral, they typically result in lower
interest rates than other
unsecured personal loans
or credit cards. Especially if you take advantage
of a limited-time HELOC offer
from NBT Bank with great rate options and
no closing costs. Once you’re approved, you can
use your HELOC for anything
from debt consolidation… To home renovations… To education… And even your dream car
or vacation. So when you think about it,
the simple answer to
“What is a HELOC?” Is whatever you want it to be. Stop in or visit online to
learn more.

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