Home Equity Line of Credit: the Facts
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If you need to borrow some money to consolidate funds or buy a big-ticket item, a home equity line of credit (HELOC) can help. A type of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan can be charged up or paid down over the set term of the loan. The interest rate can fluctuate (typically monthly).
With a HELOC, your lender approves you for a particular amount of credit - the largest sum you are able to borrow at any given time with the agreement. Your credit status, income, debt and various other financial circumstances will affect your credit limit. An appraisal will be required on your house to assess the home's present market value. Your credit limit will be set on all of the above, in addition to a fraction of your property's appraised market value, which is subtracted from the balance owed on your current mortgage.
At One Source Lending , we answer questions about Home Equity Lines of Credit every day. Give us a call at 3032207500.