Heloc Calculator Reveals Surprising Borrowing Power Secrets

HELOCs offer several advantages that can enhance your financial flexibility:

1. **Lower Interest Rates**: Compared to personal loans or credit cards, HELOCs often feature lower interest rates, which can lead to significant savings over time³.

2. **Tax Benefits**: Interest paid on a HELOC may be tax-deductible if the funds are used for home improvement purposes, offering potential tax savings⁴.

3. **Flexible Repayment Options**: With a HELOC, you have the flexibility to pay off only the interest during the draw period, which can last up to 10 years, followed by a repayment period of up to 20 years⁵.