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Benefits of a HELOC
One of the significant advantages of a HELOC is its flexibility. You can draw funds as needed, which is ideal for projects or expenses that require staggered payments. Additionally, HELOCs often come with lower interest rates compared to credit cards and personal loans, potentially saving you money on interest payments over time2. Moreover, the interest you pay on a HELOC may be tax-deductible if used for home improvements, though it's essential to consult a tax advisor to understand the specific implications for your situation3.