What is a HELOC?
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When you have a need for some extra money to make a big purchase, renovate your house, 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. A type of revolving credit, a HELOC is secured by your home equity. This is an open-ended of 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 (generally every month).
With a HELOC, the lending institution will approve you for a predetermined amount of credit - the highest amount you may borrow at any one time under the plan. Your credit score, income, debts and other financial information can affect your credit limit. In order to ascertain your house's present market value, you will need an appraisal on your home. Your credit limit will be set considering all of your financial information, as well as a fraction of your property's appraised value, which is then subtracted from the balance owed on your existing mortgage.
Ann Jones (512) 422-9036 can answer questions about Home Equity Lines of Credit and many others. Call us: (512) 422-9036.
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