Incredible What Can You Use A Home Equity Line For References. You would receive $9,500 and make 48 scheduled monthly payments of $260.89. Since home equity loans and lines of credit are based on the equity in your home, you can roughly calculate the maximum loan you’re able to take out.

Using a home equity line of credit to buy your home buying a house with a home equity line of credit has several benefits that a mortgage doesn't offer. A home equity line of credit is a revolving credit line that a homeowner can use to fund home repairs, financial emergencies and other needs. A home equity line of credit (heloc) can also be used to finance a pool.