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Using 7% HELOC to Pay off a 3% Mortgage?A HELOC offers a variable rate line of credit that uses your home as collateral for the loan. A Home Equity Line of Credit is a revolving line of credit. Interest rates fluctuate. This means your interest rate will change over the life of your HELOC. For peace of mind, our team will lay out how much your rate can. Today's HELOC rates: Variable-Rate HELOC % - %. All rates shown are Annual Percentage Rate (APR).