When you need some extra cash to make a big purchase, renovate your home, or pay off a high interest credit card, a HELOC (home equity line of credit) may be just what you're looking for. Using the equity in your home as collateral, a HELOC is revolving credit. This is an open-ended loan that can be paid down or charged up for the a set length of time, similar to a credit card. The loan interest usually fluctuates every month
In a HELOC, the lender approves you for a specific credit amount - the highest sum you may borrow at any one time under the plan. Your credit status, rate of pay, debts and other financial information can affect your credit limit. An appraisal will be required on your home to determine the property's present market value. Your credit limit will be set on all of the above, in addition to a percentage of your home's appraised market value, which is subtracted from the balance owed on your present mortgage.
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