Home Equity Line of Credit
Shopping for a Home Equity Line of Credit? We'd be thrilled to talk about our mortgage offerings! Call us at 877-310-6200. Want to get started? Apply Here
When you want to borrow some money to consolidate debts or make a big-ticket purchase, a home equity line of credit (HELOC) may be useful. A HELOC is a type of revolving credit secured by your home equity. This is an open ended loan that may be paid down or charged up for the term of the loan, similar to a credit card. The rate of interest changes (usually monthly).
The lender will set your credit limit (the maximum amount you may borrow) with the HELOC. In setting your credit limit, your income, debts, credit history and other monetary circumstances will be considered. An appraisal will be required on your house to assess the home's current market value. Your credit limit will be set considering all of your financial information, in addition to a fraction of your property's appraised market value, which is subtracted from the balance owed on your current mortgage.
Pacific Loan Brokers can walk you through the process of getting a Home Equity Line. Give us a call at 877-310-6200.
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