Home Equity Line of Credit
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When you need to borrow some money to consolidate funds or make a large purchase, a home equity line of credit (HELOC) might be useful. Using your home equity as collateral, a HELOC is revolving credit. This is an open ended 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 monthly
Your lender will specify your credit limit (the maximum you may borrow) in the HELOC. Your credit status, rate of pay, debts and various other financial circumstances can determine your credit limit. You are required to do an appraisal on your home to determine your home's current market value. Your credit limit will be based considering all of your financial information, as well as a percentage of your property's appraised value, which is then subtracted from the balance owed on your current mortgage loan.
At Precision Mortgage, Inc., we answer questions about Home Equity Lines of Credit every day. Give us a call at 206-920-1112.