Home Equity Line of Credit
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A home equity line of credit (HELOC) can be helpful when you are hoping a lump sum to renovate your home, make a major purchase, or consolidate debt. Using your home equity as collateral, a HELOC is revolving credit. This is an open-ended of loan that can be paid down or charged up for the term of the loan, similar to a credit card. The interest rate changes (usually every month).
In a HELOC, the lending institution approves you for a specific amount of credit - the largest sum you may borrow at any given time under the plan. Your credit score, salary, debts and various other financial information can determine your credit limit. An appraisal will be required on your house to assess the home's present market value. Your home's market value, subtracted from your remaining mortgage loan balance will help to determine your specific credit limit.
The Mortgage Partner can answer questions about Home Equity Lines of Credit and many others. Give us a call: 8888107112.