Home Equity Line of Credit: the Facts

Shopping for a Home Equity Line of Credit? We'd be thrilled to discuss our mortgage offerings! Give us a call at 972.798.2110. Ready to begin? Apply Online Now.

If you need to borrow cash to consolidate funds or purchase a big-ticket item, a home equity line of credit (HELOC) may help. A HELOC is a type of revolving credit secured by the equity in your home. This open-ended loan may be be charged up or paid down over the loan term. The interest rate fluctuates (usually every month).

In a HELOC, the lending institution approves you for a predetermined credit amount - the maximum sum you are able to borrow at any given time under the plan. In setting the credit limit, your pay-rate, debts, credit history and additional financial circumstances will be considered. You will be required to schedule a home appraisal to assess your home's present market value. Your credit limit will be set on all of the above, as well as a percentage of your property's appraised value, which is then subtracted from the balance owed on your present mortgage.

Homewithloan.com can answer questions about Home Equity Lines of Credit and many others. Give us a call at 972.798.2110.

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