What is a HELOC?
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If you need some extra cash to make a big purchase, remodel your house, or pay off a high interest credit card, a HELOC (home equity line of credit) may be just what you're looking for. A HELOC is a form of revolving credit secured by the equity in your home. This open-ended loan can be charged up or paid down during the loan term. The loan interest rate usually fluctuates every month
In a HELOC, the lender will approve you for a specific amount of credit - the largest sum you are able to borrow at any one time. In setting the credit limit, your pay-rate, outstanding debt, credit status and other financial obligations will be reviewed. In order to assess your house's current market value, you will need an appraisal on your home. Your property's up-to-date value, subtracted from your remaining mortgage balance helps to determine your specific credit limit.
STELLAR mortgage corporation can walk you through the process of getting a Home Equity Line. Call us: (678) 539-8100.