What is a Quicken Loans home equity line of credit and how does it work?

A Quicken Loans home equity line of credit, also known as a HELOC, is a financial product that allows homeowners to borrow money against the equity in their home. The homeowner can draw from this line of credit over a set period of time, known as the draw period, typically 5-10 years, up to a certain limit determined by factors such as the value of the home, the amount owed on the mortgage, and the borrower's creditworthiness. Interest is only paid on the amount drawn from the credit line. After the draw period ends, the borrower enters a repayment period where they must pay back the principal and interest. This product offers flexibility as it can be used for a variety of purposes including home renovations, debt consolidation, or covering major expenses.