Home Equity Line of Credit: the Facts
Shopping for a Home Equity Line? We can assist you! Call us at 877-310-6200. Ready to begin? Apply Here
If you want to borrow money to consolidate funds or make a major purchase, a home equity line of credit (HELOC) might help. A type of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended of loan that may be paid down or charged up for the term of the loan, much like a credit card. The interest rate can fluctuate (typically monthly).
Your lender will determine your credit limit (the maximum you may borrow) in the HELOC. Your credit history, rate of pay, debt and other financial circumstances can determine your credit limit. An appraisal will be required on your home to determine the home's current market value. Your credit limit will be set considering all of the above, as well as a percentage of your property's appraised value, which is then subtracted from the balance owed on your current mortgage loan.
Mario Vega can walk you through the process of getting a Home Equity Line. Call us: 877-310-6200.
Get a New Loan Quote
Looking for a new home loan? Fill out the following form to get a fast quote from us.