What is a HELOC?
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When you need to borrow some money to consolidate funds or make a large purchase, a home equity line of credit (HELOC) can be useful. A type of revolving credit, a HELOC is secured by your home equity. This is an open ended of loan that can be paid down or charged up for the term of the loan, much like a credit card. The loan interest rate typically changes every month
The lender will set your credit limit (the maximum you can borrow) in the HELOC. Your credit history, salary, debts and other financial circumstances will affect your credit limit. So that the lender is able to assess your property's present market value, you are going to need an appraisal on your home. Your property's current value, subtracted from your remaining mortgage loan balance helps to set your specific credit limit.
Mario Vega can answer questions about Home Equity Lines of Credit and many others. Call us at 877-310-6200.
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