When you need to borrow some money to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) may be useful. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down over the loan term. The loan interest typically changes every month
With a HELOC, the lender will approve you for a particular amount of credit - the highest sum you may borrow at any one time. In deciding your credit limit, your salary, outstanding debt, credit status and additional monetary obligations will be considered. You are required to have a home appraisal to determine your home's present value. Your property's up-to-date value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.
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