Home Equity Line of Credit
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If you need to borrow money to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) might help. A HELOC is a type of revolving credit 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, much like a credit card. The rate of interest fluctuates (generally monthly).
In a HELOC, your lending institution will approve you for a predetermined credit amount - the largest sum you can borrow at any given time. Your credit score, income, debt, and various other financial circumstances can affect your credit limit. An appraisal is required on your home to assess the property's market value. Your home's current value, subtracted from your remaining mortgage balance helps to set your particular credit limit.
At Stepping Stone Mortgage, we answer questions about Home Equity Lines of Credit every day. Call us at 541-683-3300