Home Equity Line of Credit
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When you need some extra money 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) may be just what you need. A form 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 rate of interest changes (typically every month).
In a HELOC, your lender will approve you for a predetermined credit amount - the highest amount you can borrow at any one time. Your credit history, salary, debts and various other financial circumstances will determine your credit limit. An appraisal will be required on your house to assess the home's present market value. Your credit limit will be based on 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 current mortgage.
At One Source Lending 303-220-7500, we answer questions about Home Equity Lines of Credit every day. Call us: 303-220-7500.