A home equity line of credit (HELOC) can be helpful when you are looking to borrow a lump sum to remodel your home, make a large purchase, or consolidate debt. A form 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 during the set term of the loan. The loan interest usually fluctuates monthly
With a HELOC, your lending institution will approve you for a specific credit amount - the highest amount you can borrow at any one time. Your credit status, income, debt and other financial circumstances can determine your credit limit. An appraisal is needed on your house to assess the home's current market value. Your home's up-to-date value, subtracted from your remaining mortgage balance helps to determine your particular credit limit.
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