If you need to borrow some money to consolidate funds or make a major purchase, a home equity line of credit (HELOC) might help. A form 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 a set length of time, similar to a credit card. The loan interest generally changes every month
The lender will specify your credit limit (the biggest amount you can borrow) with the HELOC. In setting your credit limit, your salary, debts, credit history and additional monetary obligations will be reviewed. You are required to have an appraisal to assess your home's current value. Your credit limit will be set considering all of the above, as well as a fraction of your home's appraised market value, which is then subtracted from the balance owed on your existing mortgage.
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