Home Equity Line of Credit: the Facts
Shopping for a Home Equity Line? We'll be glad to answer your questions about your mortgage needs! Call us at (512) 422-9036. Want to get started? Apply Here
If you need to borrow cash to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) may help. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down during the loan term. The loan interest generally changes monthly
In a HELOC, your lender approves you for a specific amount of credit - the largest amount you are able to borrow at any given time. Your credit history, salary, debts and other financial circumstances can determine your credit limit. An appraisal is required on your home to determine the property's market value. Your credit limit will be determined on all of your financial information, in addition to a percentage of your property's appraised value, which is subtracted from the balance owed on your present mortgage.
Ann Jones (512) 422-9036 can answer questions about Home Equity Lines of Credit and many others. Give us a call at (512) 422-9036.
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