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Pros: HELOCs are second mortgages structured like credit cards.
Instead of getting a lump sum, you draw down money you need — to pay off credit card balances, for example — using checks or a debit card linked to the credit line.
This is usually the cheapest option for those who qualify.
This example focuses only on monthly payment savings.
It doesn’t address costs associated with the closing of the refinancing or any other fees.3.
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