A home equity line of credit (HELOC) can be useful when you are looking a lump sum to remodel your home, make a large purchase, or consolidate debt. A HELOC is a type of revolving credit secured by the equity in your home. This is an open-ended of loan that may be paid down or charged up for the a set length of time, much like a credit card. The loan interest generally changes monthly
With a HELOC, the lending institution approves you for a predetermined credit amount - the maximum amount you are able to borrow at any one time. Your credit score, salary, debt and other financial information will determine your credit limit. An appraisal will be required on your house to determine the home's present market value. Your property's up-to-date value, subtracted from your remaining mortgage balance helps to set your specific credit limit.
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