Question by toolate: is a home equity line of credit the same as refinancing a mortgage?
if i just needed to consolidate bills and pay off some debt which would be the best way to go?
Answer by gretskins
no. home equity loans borrow money against the rising value of your home. if you bought your home for 100,000 and it is now appraised at 150,000, your equity in the home is 50,000. you are borrowing that.
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