Shopping for a Home Equity Line of Credit? We'd be thrilled to discuss our mortgage offerings! Give us a call today at 469.450.9453. Ready to get started? Apply Now.
If you want to borrow money to consolidate funds or make a major purchase, a home equity line of credit (HELOC) might be useful. A type of revolving credit, a HELOC is secured by your home equity. This is an open-ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate can fluctuate (typically every month).
In a HELOC, your lending institution will approve you for a specific credit amount - the largest amount you are able to borrow at any given time. In determining your credit limit, your income, debts, credit history and any other monetary obligations will be taken into account. You are required to have an appraisal to determine your home's up-to-date market value. Your home's current value, subtracted from your remaining mortgage loan balance helps to determine your specific credit limit.
At www.JordanWilde.com, we answer questions about Home Equity Lines of Credit every day. Call us: 469.450.9453.
