If you need to borrow money to consolidate funds or make a big-ticket purchase, a home equity line of credit (HELOC) can help. Using your home equity as collateral, a HELOC is revolving credit. 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 loan interest rate generally changes monthly
In a HELOC, your lending institution approves you for a specific credit amount - the largest amount you can borrow at any given time. Your credit status, salary, debt and other financial information can determine your credit limit. In order to ascertain your home' current market value, you are going to need an appraisal on your home. Your property's up-to-date value, subtracted from your remaining mortgage balance helps to determine your particular credit limit.
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