A Home Equity Line of Credit offers flexibility for future purchases. With a
a variable rate, open-ended home equity loan, you apply only once and pay closing costs only once. After the paperwork is signed, advances of $500 or more can be taken out over the phone or in person at any time, up to your allotted credit. The rate is prime*, which may change quarterly. Pay down on the line of credit, and advance more funds as needed.

* Prime Rate as listed in the Wall Street Journal, each calendar quarter.