Home Equity Line of Credit
In the market for a new mortgage? We can help! Call us at 561-395-4264. Ready to get started? Apply Online Now
A home equity line of credit (HELOC) can be helpful when you are looking to borrow a lump sum to renovate your home, make a large purchase, or consolidate debt. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest generally changes monthly
With a HELOC, your lender will approve you for a predetermined credit amount - the largest amount you are able to borrow at any given time. Your credit history, salary, debts and various other financial circumstances will affect your credit limit. An appraisal is required on your home to assess the property's market value. Your credit limit will be determined considering all of the above, as well as a percentage of your home's appraised market value, which is subtracted from the balance owed on your present mortgage.
At Alternative Mortgage Group, we answer questions about Home Equity Lines every day. Call us at 561-395-4264.