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A home equity line of credit (HELOC) can be helpful when you are needing a lump sum to remodel your home, make a large purchase, or consolidate debt. A HELOC is a form of revolving credit secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest rate typically fluctuates monthly
Your lender will determine your credit limit (the maximum you may borrow) with the HELOC. Your credit history, income, debts and various other financial circumstances can affect your credit limit. You will be required to do an appraisal to determine your home's current market value. Your credit limit will be determined considering all of the above, as well as a percentage of your property's appraised market value, which is then subtracted from the balance owed on your current mortgage.
Next Generation Mortgage can walk you through the process of getting a Home Equity Line. Call us: 713-894-3605.