What is a HELOC?
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When you have a need for some extra cash to make a big purchase, remodel your home, or pay off a high interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. A type of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended of loan that can be paid down or charged up for the a set length of time, much like a credit card. The loan interest typically fluctuates every month
The lender will set your credit limit (the biggest amount you may borrow) with the HELOC. In setting the credit limit, your pay-rate, debts, credit status and additional financial obligations will be reviewed. You will be required to do an appraisal to assess your home's present value. Your home's up-to-date 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. Give us a call: 561-395-4264.