Home Equity Line of Credit: the Facts
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A home equity line of credit (HELOC) can be helpful when you are looking a lump sum to remodel your home, make a major purchase, or consolidate debt. A kind 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 set term of the loan. The loan interest typically fluctuates every month
With a HELOC, the lender approves you for a particular amount of credit - the largest sum you can borrow at any one time with the agreement. Your credit history, rate of pay, debt and various other financial circumstances will affect your credit limit. In order to ascertain your home' present market value, you'll need an appraisal on your home. Your credit limit will be based on all of your financial information, in addition to a percentage of your home's appraised value, which is subtracted from the balance owed on your current mortgage.
Queen City Mortgage Company, LLC can walk you through the process of getting a Home Equity Line. Call us: 5137966020.