Home Equity Line of Credit
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If you want to borrow cash to consolidate funds or purchase a big-ticket item, a home equity line of credit (HELOC) can be useful. A kind 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 fluctuates (typically monthly).
Your lender will specify your credit limit (the biggest amount you may borrow) with the HELOC. In setting your credit limit, your income, outstanding debt, credit history and any other monetary circumstances will be considered. You will be required to have an appraisal to assess your home's present value. Your property's up-to-date value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.
One Source Lending 303-220-7500 can walk you through the process of getting a Home Equity Line. Give us a call: 303-220-7500.