What is a HELOC?
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If you need to borrow some money to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) may help. A form 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 rate of interest changes (usually every month).
With a HELOC, the lender approves you for a specific amount of credit - the highest sum you may borrow at any given time with the agreement. Your credit status, rate of pay, debt and various other financial information can determine your credit limit. You will be required to do a home appraisal to assess your home's present value. Your property's current value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.
At Alternative Mortgage Group, we answer questions about Home Equity Lines every day. Call us at 561-395-4264.