Home Equity Line of Credit: the Facts

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A home equity line of credit (HELOC) can be useful when you are needing a lump sum to remodel your home, make a large purchase, or consolidate debt. A kind of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan may be be charged up or paid down over the set term of the loan. The loan interest usually fluctuates every month

The lender will specify your credit limit (the maximum amount you may borrow) with the HELOC. Your credit history, income, debt and other financial circumstances will affect your credit limit. You will be required to do an appraisal of your home to assess your home's current market value. Your home's current value, subtracted from your remaining mortgage balance helps to set your particular credit limit.

Pacific Loan Brokers can walk you through the process of getting a Home Equity Line of Credit. Give us a call: 877-310-6200.

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