How Does a HELOC Work?
Shopping for a Home Equity Line of Credit? We'd be thrilled to talk about your mortgage needs! Give us a call at 877-310-6200. Ready to begin? Apply Now
When you need to borrow some money to consolidate funds or buy a big-ticket item, a home equity line of credit (HELOC) can help. Using your home equity as collateral, a HELOC is revolving credit. This is an open-ended loan that may be paid down or charged up for the a set length of time, similar to a credit card. The loan interest rate typically changes every month
The lender will determine your credit limit (the largest amount you can borrow) in the HELOC. Your credit score, rate of pay, debts and various other financial information will affect your credit limit. An appraisal is needed on your home to determine the property's present market value. Your home's market value, subtracted from your remaining mortgage balance helps to set your specific credit limit.
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.