Home Equity Line of Credit
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Shopping for a Home Equity Line? We will be glad to assist you! Call us at 800-374-0046. Want to get started? Apply Here. | ||
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If you want to borrow money to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) might help. A kind of revolving credit, a HELOC is secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The rate of interest can fluctuate (typically every month).
The lender will specify your credit limit (the highest amount you may borrow) with the HELOC. In setting your credit limit, your income, outstanding debt, credit status and additional financial circumstances will be considered. You will be required to have an appraisal to assess your home's present market value. Your property's up-to-date value, subtracted from your remaining mortgage balance will help to determine your particular credit limit.
