Home Equity Line of Credit: the Facts
Shopping for a Home Equity Line of Credit? We'd be thrilled to discuss our mortgage offerings! Give us a call today at 303-220-7500. Ready to get started? Apply Here
When you want to borrow money to consolidate funds or make a large purchase, a home equity line of credit (HELOC) can help. A HELOC is a type of revolving credit secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The rate of interest changes (typically monthly).
Your lender will determine your credit limit (the largest amount you can borrow) with the HELOC. In deciding your credit limit, your salary, debts, credit status and any other monetary obligations will be reviewed. You will be required to schedule an appraisal to assess your home's present value. Your credit limit will be based on all of your financial information, as well as a percentage of your property's appraised market value, which is then subtracted from the balance owed on your current mortgage loan.
One Source Lending 303-220-7500 can walk you through the process of getting a Home Equity Line of Credit. Give us a call: 303-220-7500.