Home Equity Line of Credit

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A home equity line of credit (HELOC) can be useful when you are needing to borrow a lump sum to renovate your home, make a large purchase, or consolidate debt. A kind of revolving credit, a HELOC is secured by your home equity. This open-ended loan may be be charged up or paid down over the set term of the loan. The interest rate fluctuates (typically every month).

With a HELOC, your lender approves you for a particular credit amount - the highest sum you may borrow at any given time. In determining your credit limit, your salary, outstanding debt, credit status and other monetary circumstances will be considered. You are required to have an appraisal to assess your home's present value. Your credit limit will be set on all of the above, in addition to a percentage of your home's appraised market value, which is subtracted from the balance owed on your present mortgage.