Home Equity Line of Credit

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

With a HELOC, your lending institution approves you for a specific amount of credit - the largest amount you can borrow at any one time. Your credit history, income, debt and various other financial circumstances will determine your credit limit. An appraisal will be required on your home to determine the home's market value. Your credit limit will be determined on all of your financial information, in addition to a fraction of your home's appraised market value, which is subtracted from the balance owed on your current mortgage.

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.