A home equity line of credit (HELOC) can be helpful when you are hoping to borrow a lump sum to remodel your home, make a major purchase, or consolidate debt. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down during the loan term. The loan interest generally changes monthly
In a HELOC, the lender approves you for a particular amount of credit - the largest sum you are able to borrow at any given time with the agreement. Your credit status, income, debts and other financial information can determine your credit limit. In order to ascertain your property's current market value, you're going to need an appraisal on your home. Your credit limit will be determined on all of the above, in addition to a percentage of your property's appraised market value, which is then subtracted from the balance owed on your current mortgage loan.
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