Home Equity Line of Credit: the Facts
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If you need to borrow money to consolidate debts or make a big-ticket purchase, a home equity line of credit (HELOC) might help. A HELOC is a form of revolving credit secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The interest rate can fluctuate (typically every month).
The lender will set your credit limit (the maximum amount you can borrow) in the HELOC. In deciding your credit limit, your pay-rate, debts, credit history and other financial circumstances will be reviewed. You are required to have an appraisal to determine your home's up-to-date value. Your property's up-to-date 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 of Credit. Give us a call at 877-310-6200.
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