A home equity line of credit is a combination of a line of credit and an equity loan. It is also referred to as HELOC. It gives the maximum loan amount based on credit and equity, with the difference between total assets and total liabilities. This permits the borrower to take a maximum loan amount, provided it does not exceed the credit limit, without re-applying each time.There are different equity line of credit rates, like home equity line of credit, commercial equity line of credit and best home equity line of credit. In HELOC, homebuyers can use some of the equity that is built up in the home and can be used personally. This facility is available for homebuyers, but not for tenants. Many reputed banks offer HELOC to borrowers.A home equity line of credit is given to the homeowner by check or a credit or debit card, which can be used by the borrower according need. Interest is paid on the amount that is used. The options depend on the policies of the different banks and the requirements of the homeowners.The different terms, conditions, fine print and rates of different loans are based on and vary according to customer requirement. Borrowers can make a smart choice by conducting research on all essential information including the prevalent rates. If customers have trouble spots on their credit reports, it is essential to fix the errors before approaching various loan lenders.Customers should also study all the available options and compare the different loan terms from various banks and organizations. Sometimes borrowers avail of a lower rate by negotiating with the bank loan officer, as they are very keen on retaining customers.