Home Equity Line of Credit

Shopping for a Home Equity Line? We'll be glad to talk about our mortgage offerings! Give us a call today at 8776828787. Want to get started? Apply Here.

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If you have a need for some extra cash to make a major purchase, remodel your house, or pay the balance on a high interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest rate usually fluctuates every month

In a HELOC, the lending institution approves you for a predetermined credit amount - the maximum sum you can borrow at any given time under the plan. Your credit history, rate of pay, debts and other financial circumstances can affect your credit limit. You are required to schedule an appraisal of your home to determine your home's up-to-date market value. Your credit limit will be based considering all of your financial information, as well as a fraction of your property's appraised value, which is then subtracted from the balance owed on your present mortgage loan.