Home Equity Line of Credit: the Facts
Shopping for a Home Equity Line of Credit? We'd be thrilled to discuss our many mortgage solutions! Give us a call today at 631-273-1188. Want to get started? Apply Here
A home equity line of credit (HELOC) can be helpful when you are looking to borrow a lump sum to renovate your home, make a major purchase, or consolidate debt. A form 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 during the loan term. The loan interest typically fluctuates every month
The lender will specify your credit limit (the highest amount you may borrow) in the HELOC. Your credit history, salary, debt and various other financial circumstances can determine your credit limit. So that the lender is able to assess your home' current market value, you will need an appraisal on your property. Your property's current value, subtracted from your remaining mortgage balance will help to determine your specific credit limit.
Evolution Mortgage Inc. can answer questions about Home Equity Lines of Credit and many others. Give us a call: 631-273-1188.
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