What is a HELOC?
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A home equity line of credit (HELOC) can be helpful when you are hoping a lump sum to remodel your home, make a large purchase, or consolidate debt. A type of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended of loan that may be paid down or charged up for the term of the loan, much like a credit card. The loan interest rate generally fluctuates monthly
The lender will specify your credit limit (the maximum you may borrow) in the HELOC. In deciding the credit limit, your pay-rate, debts, credit history and any other monetary circumstances will be reviewed. An appraisal will be required on your home to assess the home's market value. Your home's current value, subtracted from your remaining mortgage balance helps to set your specific credit limit.
Real Property Finance can answer questions about Home Equity Lines and many others. Call us: 310-379-5997.