What is a HELOC?

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A home equity line of credit (HELOC) can be useful when you are needing to borrow a lump sum to remodel your home, make a major purchase, or consolidate debt. A HELOC is a kind of revolving credit secured by the equity in your home. This is an open ended of loan that may be paid down or charged up for the a set length of time, much like a credit card. The loan interest rate generally fluctuates monthly

The lender will set your credit limit (the highest amount you can borrow) with the HELOC. In determining your credit limit, your salary, outstanding debt, credit history and any other financial obligations will be considered. So that the lender is able to assess your house's present market value, you'll need an appraisal on your home. Your home's market value, subtracted from your remaining mortgage balance helps to set your particular credit limit.

Alternative Mortgage Group can answer questions about Home Equity Lines of Credit and many others. Call us: 561-395-4264.

Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486