How Does a HELOC Work?
Shopping for a Home Equity Line of Credit? We can assist you! Give us a call at 561-395-4264. Ready to get started? Apply Here
If you want to borrow some money to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) might help. A HELOC is a kind of revolving credit secured by your home equity. This is an open ended of loan that can be paid down or charged up for the term of the loan, similar to a credit card. The loan interest generally changes every month
With a HELOC, your lender approves you for a specific amount of credit - the maximum amount you may borrow at any one time with the agreement. In deciding your credit limit, your income, outstanding debt, credit history and any other monetary obligations will be considered. An appraisal is required on your house to determine the property's market value. Your property's current value, subtracted from your remaining mortgage loan balance helps to set your particular credit limit.
Alternative Mortgage Group can walk you through the process of getting a Home Equity Line. Call us at 561-395-4264.