Home Equity Line of Credit
Shopping for a Home Equity Line? We'd be thrilled to talk about your mortgage needs! Give us a call at 8014134570. Want to get started? Apply Here
When you need some extra money to make a big purchase, remodel your home, or pay the balance on a high interest credit card, a HELOC (home equity line of credit) may be just what you are looking for. A HELOC is a form of revolving credit secured by the equity in your home. This is an open-ended loan that may be paid down or charged up for the a set length of time, similar to a credit card. The rate of interest can fluctuate (usually monthly).
In a HELOC, the lender approves you for a specific credit amount - the largest sum you can borrow at any one time under the plan. In determining your credit limit, your income, outstanding debt, credit history and other financial obligations will be taken into account. You will be required to have an appraisal on your home to assess your home's up-to-date market value. Your credit limit will be set on all of the above, in addition to a fraction of your property's appraised value, which is subtracted from the balance owed on your present mortgage.
Integris Loans can answer questions about Home Equity Lines and many others. Call us: 8014134570.