What is a HELOC?
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When you need to borrow some money to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) can help. A type of revolving credit, a HELOC is secured by your home equity. This open-ended loan may be be charged up or paid down during the set term of the loan. The loan interest rate typically fluctuates every month
In a HELOC, your lending institution will approve you for a predetermined credit amount - the highest amount you may borrow at any one time. In determining the credit limit, your income, debts, credit history and other monetary obligations will be reviewed. You will be required to do a home appraisal to determine your home's present value. Your property's market value, subtracted from your remaining mortgage balance helps to determine your specific credit limit.
At Valley Savers Mortgage, LLC, we answer questions about Home Equity Lines of Credit every day. Give us a call at (602) 332-9544.