What is a HELOC?
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If you need some extra cash to make a major purchase, renovate your home, or pay the balance on a high-interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. 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 during the set term of the loan. The loan interest rate generally changes monthly
In a HELOC, the lending institution will approve you for a predetermined credit amount - the highest sum you are able to borrow at any one time with the agreement. In determining the credit limit, your salary, debts, credit status and any other financial obligations will be reviewed. In order to ascertain your home' present market value, you'll need an appraisal on your property. Your credit limit will be based considering all of your financial information, in addition to a percentage of your property's appraised value, which is then subtracted from the balance owed on your existing mortgage.
Alternative Mortgage Group can answer questions about Home Equity Lines and many others. Give us a call at 561-395-4264.