What is a HELOC?

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When you need some extra money to make a big purchase, remodel your house, or pay off a high-interest credit card, a HELOC (home equity line of credit) may be just what you need. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest generally fluctuates every month

With a HELOC, the lending institution will approve you for a specific amount of credit - the maximum amount you may borrow at any one time. Your credit score, rate of pay, debt and various other financial information will affect your credit limit. You will be required to do an appraisal on your home to assess your home's up-to-date value. Your credit limit will be determined on all of the above, in addition to a fraction of your property's appraised market value, which is then subtracted from the balance owed on your present mortgage loan.

Stepping Stone Mortgage can answer questions about Home Equity Lines of Credit and many others. Call us at 5416833300.

Stepping Stone Mortgage

NMLS-235749 ML-3770

1140 Willagillespie Rd., Suite 13
Eugene, OR 97401