Home Equity Line of Credit
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If you need to borrow some money to consolidate funds or make a large purchase, a home equity line of credit (HELOC) might help. A form of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan may be be charged up or paid down over the set term of the loan. The loan interest generally changes monthly
With a HELOC, the lending institution approves you for a predetermined credit amount - the largest amount you can borrow at any one time. Your credit score, salary, debts and other financial circumstances will determine your credit limit. An appraisal will be required on your house to assess the property's present market value. Your property's up-to-date value, subtracted from your remaining mortgage loan balance helps to determine your particular credit limit.
Real Property Finance can answer questions about Home Equity Lines of Credit and many others. Call us at 310-379-5997.