Home Equity Line of Credit

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A home equity line of credit (HELOC) can be helpful when you are hoping to borrow a lump sum to renovate your home, make a large purchase, or consolidate debt. A HELOC is a kind of revolving credit secured by the equity in your home. This open-ended loan may be be charged up or paid down during the set term of the loan. The loan interest rate typically changes every month

In a HELOC, your lending institution approves you for a predetermined amount of credit - the maximum amount you are able to borrow at any given time with the agreement. Your credit score, rate of pay, debts and various other financial information can affect your credit limit. An appraisal will be required on your house to assess the home's market value. Your home's up-to-date value, subtracted from your remaining mortgage balance helps to determine your specific credit limit.