Finance
A Maryland home equity line of credit (HELOC) is typically structured as a:
AFixed-rate, fixed-payment second mortgage
BVariable-rate revolving line of credit secured by home equity✓ Correct
CGovernment-backed loan from FHA
DInterest-free line of credit for home improvements
Explanation
A HELOC is a revolving line of credit (like a credit card) secured by home equity, typically with a variable interest rate tied to an index such as the prime rate.
Related Maryland Finance Questions
- A transfer tax in Maryland is typically:
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