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.
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