If you need to borrow some money to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) may help. A HELOC is a kind of revolving credit secured by the equity in your home. This is an open-ended loan that can be paid down or charged up for the a set length of time, similar to a credit card. The interest rate fluctuates (typically every month).
Your lender will set your credit limit (the largest amount you may borrow) with the HELOC. Your credit score, rate of pay, debts and other financial circumstances can determine your credit limit. You will be required to schedule an appraisal to determine your home's current value. Your home's market value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.
Get the Best Mortgage Rate! Tell us a little about your current needs and we can use that information to match you with just the right loan.