A home equity line of credit (HELOC) can be helpful when you are looking a lump sum to renovate your home, make a big 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 loan term. The loan interest usually changes monthly
In a HELOC, your lender approves you for a particular amount of credit - the largest sum you can borrow at any one time. In determining your credit limit, your salary, debts, credit history and additional monetary circumstances will be reviewed. You will be required to have an appraisal of your home to determine your home's up-to-date market value. Your property's market value, subtracted from your remaining mortgage loan balance will help to set your specific credit limit.
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