Home Equity Line of Credit: the Facts
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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 big purchase, or consolidate debt. A HELOC is a kind of revolving credit secured by your home equity. This is an open ended of loan that may be paid down or charged up for the term of the loan, much like a credit card. The loan interest rate usually fluctuates every month
In a HELOC, your lender will approve you for a particular credit amount - the largest amount you can borrow at any one time. Your credit history, income, debt and other financial circumstances will determine your credit limit. An appraisal will be required on your house to assess the property's market value. Your credit limit will be set considering all of your financial information, as well as a percentage of your home's appraised value, which is subtracted from the balance owed on your present mortgage.
BancZone can walk you through the process of getting a Home Equity Line of Credit. Call us at 407-583-6250.