Home Equity Line of Credit: the Facts
Looking for a Home Equity Line of Credit? We'll be glad to discuss our mortgage offerings! Call us at 480-442-3949. Ready to get started? Apply Here
A home equity line of credit (HELOC) can be helpful when you are needing to borrow a lump sum to renovate your home, make a big purchase, or consolidate debt. A kind of revolving credit, a HELOC is secured by your home equity. This open-ended loan can be charged up or paid down during the loan term. The rate of interest can fluctuate (generally every month).
The lender will determine your credit limit (the maximum you may borrow) with the HELOC. In determining the credit limit, your salary, outstanding debt, credit status and additional financial circumstances will be considered. You will be required to have an appraisal of your home to determine your home's up-to-date market value. Your credit limit will be set on all of the above, in addition to a fraction of your property's appraised market value, which is then subtracted from the balance owed on your present mortgage loan.
Pinnacle Lending Group inc can walk you through the process of getting a Home Equity Line. Give us a call: 480-442-3949.