What is a HELOC?
Shopping for a Home Equity Line of Credit? We will be glad to assist you! Give us a call today at 561-395-4264. Ready to begin? Apply Here
If you want to borrow money to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) might help. A form of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended loan that can be paid down or charged up for the a set length of time, similar to a credit card. The loan interest rate usually fluctuates monthly
In a HELOC, your lender approves you for a particular credit amount - the highest sum you may borrow at any one time with the agreement. Your credit history, salary, debts and various other financial information will affect your credit limit. An appraisal will be required on your house to assess the home's current market value. Your home's market value, subtracted from your remaining mortgage balance helps to determine your specific credit limit.
At Alternative Mortgage Group, we answer questions about Home Equity Lines every day. Call us at 561-395-4264.