Home Equity Line of Credit: the Facts
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When you want to borrow money to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) may help. A type of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan may be be charged up or paid down over the set term of the loan. The loan interest typically changes every month
The lender will specify your credit limit (the maximum amount you can borrow) with the HELOC. In deciding the credit limit, your income, outstanding debt, credit history and any other financial obligations will be considered. In order to ascertain your home' present market value, you'll need an appraisal on your property. Your home's up-to-date value, subtracted from your remaining mortgage balance helps to set your particular credit limit.
At Best Capital Funding, we answer questions about Home Equity Lines of Credit every day. Call us at 909-358-4090.