Heloc Calculator Reveals Surprising Borrowing Power Secrets

While HELOCs offer numerous benefits, they also come with potential risks:

- **Variable Interest Rates**: Since HELOCs have variable rates, your monthly payments could increase if interest rates rise.

- **Risk of Foreclosure**: Your home serves as collateral, so failure to repay the HELOC could result in foreclosure.

- **Fees and Costs**: Some lenders may charge fees for opening a HELOC, including appraisal fees, application fees, and annual fees.