Home Equity Line of Credit
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A home equity line of credit (HELOC) can be helpful when you are needing to borrow a lump sum to renovate your home, make a big purchase, or consolidate debt. A kind of revolving credit, a HELOC is secured by your home equity. This open-ended loan may be be charged up or paid down during the loan term. The loan interest rate generally fluctuates every month
Your lender will set your credit limit (the maximum amount you can borrow) in the HELOC. Your credit score, income, debt and various other financial information will affect your credit limit. An appraisal is required on your home to assess the home's present market value. Your credit limit will be determined on all of the above, as well as a percentage of your property's appraised value, which is then subtracted from the balance owed on your current mortgage.
At Ann Jones (512) 422-9036, we answer questions about Home Equity Lines every day. Give us a call: (512) 422-9036.
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