Home Equity Line of Credit

Shopping for a Home Equity Line of Credit? We'll be glad to talk about your mortgage needs! Call us at 3032207500. Want to get started? Apply Now.

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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 big purchase, or consolidate debt. A kind of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended of loan that can be paid down or charged up for the term of the loan, similar to a credit card. The rate of interest fluctuates (typically every month).

The lender will set your credit limit (the maximum amount you may borrow) with the HELOC. In deciding the credit limit, your income, outstanding debt, credit history and any other monetary circumstances will be considered. You are required to have a home appraisal to assess your home's present market value. Your credit limit will be set considering all of your financial information, as well as a fraction of your home's appraised market value, which is subtracted from the balance owed on your present mortgage loan.