HELOC

A home equity line of credit (HELOC), is a type of home equity loan that allows you to draw funds as you need them and repay the money at a variable interest rate. HELOCs are generally best for people who need funds for ongoing home improvement projects or who need more time to pay down existing debt. HELOCs typically have lower interest rates than home equity loans and personal loans. To get the best rates, you would need to have a high credit score, a low debt-to-income ratio, and a lot of equity in your home.