If you need some extra money to make a large purchase, renovate your home, or pay off a high interest credit card, a HELOC (home equity line of credit) may be just what you need. A HELOC is a type of revolving credit secured by your home equity. This open-ended loan may be be charged up or paid down over the loan term. The loan interest rate generally changes monthly
Your lender will set your credit limit (the highest amount you can borrow) in the HELOC. Your credit status, salary, debts and various other financial circumstances can determine your credit limit. In order to assess your property's current market value, you are going to need an appraisal on your property. Your property's market value, subtracted from your remaining mortgage balance helps to set your particular credit limit.
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