If you want to borrow cash to consolidate funds or purchase a big-ticket item, a home equity line of credit (HELOC) might help. A HELOC is a type of revolving credit secured by the equity in your home. This is an open-ended of loan that can be paid down or charged up for the a set length of time, much like a credit card. The interest rate fluctuates (usually monthly).
In a HELOC, your lending institution approves you for a specific amount of credit - the maximum amount you may borrow at any one time under the plan. In determining the credit limit, your salary, debts, credit status and other financial circumstances will be considered. An appraisal is required on your home to assess the property's market value. Your property's up-to-date value, subtracted from your remaining mortgage loan balance will help to set your particular credit limit.
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