Home Equity Line of Credit
Shopping for a Home Equity Line of Credit? We'd be thrilled to discuss our mortgage offerings! Call us at 561-395-4264. Ready to get started? Apply Here
If you need to borrow some money to consolidate funds or make a big-ticket purchase, a home equity line of credit (HELOC) may help. A HELOC is a type of revolving credit secured by the equity in your home. This is an open-ended loan that can be paid down or charged up for the term of the loan, similar to a credit card. The interest rate can fluctuate (usually every month).
Your lender will specify your credit limit (the maximum amount you may borrow) with the HELOC. Your credit status, rate of pay, debts and various other financial circumstances will affect your credit limit. You are required to do a home appraisal to assess your home's up-to-date value. Your home's market value, subtracted from your remaining mortgage balance helps to set your specific credit limit.
At Alternative Mortgage Group, we answer questions about Home Equity Lines of Credit every day. Call us: 561-395-4264.