Sentences with phrase «against the line of credit»

But when the draw period ends, homeowners can no longer borrow against the line of credit and must start repaying whatever balance remains — perhaps over the next 10 to 20 years.

Similar to a credit card, you will be able to borrow money against your line of credit as needed, as long as it is within your granted limitations.

The member may draw against the line of credit for ten years with a 15 - year repayment period.

You access the funds by transferring money or writing a check against your line of credit.

The loan has a set payoff date and you can't run up a new balance against your line of credit.

You can withdraw money against your line of credit during the «draw» or «advance» period.

One of the most popular ways to build credit is using a secured credit card, which requires an upfront security deposit as collateral against its line of credit.

Rental owners can make deductions against a line of credit used to fund renovations, and even against money borrowed for a down payment.

You may borrow money, then pay off the money you borrowed and borrow again against the line of credit.

Many credit card companies allow you to take a cash advance against your line of credit.

While a debit card takes funds directly from your checking account, a credit card allows you to borrow money against your line of credit.

You can draw against your line of credit and pay it back as you go, saving you the time of going through a full application process each time you have a financial need.

A charge card is a card that allows an account owner to make purchases against a line of credit throughout the month and then requires payment to be made in full at the end of the month.

In contrast, with a credit card, line of credit, or other revolving debt, you have the option of borrowing against the line of credit after you've paid down the balance.

HELOC interest rates may adjust up or down based on overarching interest rates, and borrowers have access to lock in a fixed interest rate loan against their line of credit within the first several years of having an account.

«If their investment returns don't pick up, they'll need to cut back elsewhere or borrow more against the line of credit, which can start a dangerous downward spiral,» Tilp warns.

Business credit cards and business charge cards are very similar to one another — you can use either type of card to make purchases against a line of credit, which has to be paid either partially or in full by the end of the month.

After that, you can no longer borrow money against the line of credit and the interest rate will be fixed.

By borrowing against your line of credit and paying it off in a timely fashion each month, your bank will be willing to increase your credit line and allow you to borrow more money through your credit card.

If you do wind up borrowing against the line of credit, HELOCs tend to have lower interest rates than PLOCs.

HELOCs have a draw period, during which you can borrow against your line of credit, following by a repayment period, when you must pay off the principle as a regularly amortizing loan.

If you borrowed $ 5,000 against the line of credit, you still have unused borrowing capacity of $ 15,000.

Avoid borrowing against the line of credit.