Home Equity Line of Credit
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When you want to borrow some money to consolidate debts or make a big-ticket purchase, a home equity line of credit (HELOC) might help. A form of revolving credit, a HELOC is secured by the equity in your home. This is an open ended loan that may be paid down or charged up for the term of the loan, similar to a credit card. The loan interest rate generally fluctuates every month
Your lender will determine your credit limit (the maximum amount you may borrow) with the HELOC. Your credit history, rate of pay, debts and other financial information will determine your credit limit. An appraisal is required on your house to assess the property's current market value. Your home's current value, subtracted from your remaining mortgage balance will help to set your particular credit limit.
Alternative Mortgage Group can answer questions about Home Equity Lines of Credit and many others. Give us a call: 561-395-4264.