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The Benefits of Using a HELOC
One of the main advantages of a HELOC is its flexibility. You can draw funds as needed, which can be especially useful if you're unsure of the total amount you'll need upfront. Additionally, the interest paid on a HELOC may be tax-deductible if the funds are used for home improvements, providing potential tax savings2. Many lenders also offer competitive interest rates compared to other forms of credit, making it a cost-effective borrowing option.