How do I enter a line of credit or HELOC?

In LOANS, add a loan and select Line of credit (LOC or HELOC). Enter borrower, lender, current borrowing, credit limit and the interest spread relative to Prime.

Select the property, investment account or insurance policy as collateral when that matches the actual arrangement. Available borrowing is calculated from the line’s credit limit less its outstanding balance. For a readvanceable arrangement, enter the term mortgage first, then select it in the line’s Linked to term Loan field.

The ordinary line-of-credit setup pays interest. Deposit PRIORITIES can direct excess cash to principal, and withdrawal PRIORITIES can permit additional borrowing when needed. Use Modify payments for a planned principal-repayment schedule.

Check both the loan balance and available credit in TIME MACHINE. A credit limit is not an instruction to borrow its full amount immediately.