If you want to borrow cash to consolidate funds or make a big-ticket purchase, a home equity line of credit (HELOC) can 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 term of the loan, much like a credit card. The rate of interest changes (typically monthly).
The lender will set your credit limit (the maximum you may borrow) with the HELOC. Your credit status, rate of pay, debts and other financial circumstances will affect your credit limit. You will be required to have an appraisal of your home to determine your home's up-to-date 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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