What is a HELOC?
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A home equity line of credit (HELOC) can be helpful when you are needing a lump sum to remodel your home, make a major purchase, or consolidate debt. A form of revolving credit, a HELOC is secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest rate generally fluctuates monthly
Your lender will determine your credit limit (the biggest amount you can borrow) in the HELOC. In setting your credit limit, your salary, debts, credit status and any other financial circumstances will be considered. You will be required to have an appraisal of your home to assess your home's present market value. Your credit limit will be based considering all of your financial information, in addition to a fraction of your home's appraised value, which is then subtracted from the balance owed on your current mortgage loan.
Ann Jones (512) 422-9036 can answer questions about Home Equity Lines of Credit and many others. Call us at (512) 422-9036.
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