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When you want to borrow cash to consolidate debts or make a large purchase, a home equity line of credit (HELOC) may be useful. A type 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 interest rate changes (generally monthly).
Your lender will set your credit limit (the biggest amount you can borrow) with the HELOC. In deciding the credit limit, your income, debts, credit history and other monetary circumstances will be reviewed. An appraisal is required on your home to assess the home's present market value. Your credit limit will be based considering all of your financial information, in addition to a fraction of your home's appraised market value, which is then subtracted from the balance owed on your current mortgage.
At STELLAR mortgage corporation, we answer questions about Home Equity Lines of Credit every day. Give us a call at 678.539.8100.
