Home Equity Line of Credit: the Facts
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A home equity line of credit (HELOC) can be helpful when you are needing a lump sum to renovate your home, make a major 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 can be paid down or charged up for the a set length of time, similar to a credit card. The rate of interest can fluctuate (usually every month).
Your lender will determine your credit limit (the maximum amount you may borrow) in the HELOC. Your credit score, rate of pay, debts and various other financial circumstances will determine your credit limit. An appraisal is required on your house to assess the property's market value. Your home's current value, subtracted from your remaining mortgage loan balance will help to set your particular credit limit.
One Source Lending 303-220-7500 can walk you through the process of getting a Home Equity Line. Call us at 303-220-7500.