What is a HELOC?
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If you need some extra cash to make a large purchase, renovate your home, or pay the balance on a high-interest credit card, a HELOC (home equity line of credit) may be just what you're looking for. Using your home equity as collateral, a HELOC is revolving credit. This is an open ended of loan that can be paid down or charged up for the a set length of time, similar to a credit card. The loan interest rate generally fluctuates every month
In a HELOC, your lender approves you for a specific credit amount - the largest amount you may borrow at any one time. In determining the credit limit, your pay-rate, outstanding debt, credit history and other financial circumstances will be considered. In order to assess your home' current market value, you'll need an appraisal on your property. Your home's current value, subtracted from your remaining mortgage balance helps to set your specific credit limit.
Ann Jones (512) 422-9036 can answer questions about Home Equity Lines and many others. Give us a call: (512) 422-9036.
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