Home Equity Line of Credit
Shopping for a Home Equity Line? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call at (602) 332-9544. Want to get started? Apply Now
A home equity line of credit (HELOC) can be helpful when you are looking to borrow a lump sum to renovate your home, make a major purchase, or consolidate debt. Using the equity in your home as collateral, a HELOC is revolving credit. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The loan interest usually fluctuates monthly
The lender will set your credit limit (the maximum you may borrow) with the HELOC. Your credit history, income, debt and other financial information can affect your credit limit. You will be required to have an appraisal to determine your home's current market value. Your credit limit will be set considering all of the above, in addition to a percentage of your property's appraised market value, which is then subtracted from the balance owed on your existing mortgage loan.
At Valley Savers Mortgage, LLC, we answer questions about Home Equity Lines of Credit every day. Give us a call at (602) 332-9544.