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When the draw period ends, you may be capable of renew your line of credit score. If you aren’t able to renew your line of credit, you won’t be able to borrow more money on the line of credit. Your house itself may be used to unlock financing for a home repair. A home equity mortgage is a secured loan that makes use of your home as collateral to safe the loan — your borrowing energy is instantly linked to the amount of fairness you could have in your house.
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