Home Equity Line of Credit
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A home equity line of credit (HELOC) can be helpful when you are needing a lump sum to remodel your home, make a large purchase, or consolidate debt. A type of revolving credit, a HELOC is secured by your home equity. This is an open-ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The rate of interest changes (typically every month).
In a HELOC, the lending institution will approve you for a particular credit amount - the largest sum you can borrow at any given time with the agreement. In deciding your credit limit, your pay-rate, debts, credit history and any other financial obligations will be reviewed. You are required to do an appraisal to determine your home's up-to-date market value. Your property's market value, subtracted from your remaining mortgage loan balance will help to determine your specific credit limit.
At Mario Vega, we answer questions about Home Equity Lines every day. Call us: 877-310-6200.
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