Home Equity Line of Credit
Shopping for a Home Equity Line? We'd be thrilled to discuss our mortgage offerings! Call us at 5416833300. Ready to begin? Apply Online Now
When you want to borrow money to consolidate funds or make a big-ticket purchase, a home equity line of credit (HELOC) may help. A kind of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan may be be charged up or paid down over the set term of the loan. The rate of interest can fluctuate (usually every month).
With a HELOC, the lender will approve you for a predetermined amount of credit - the highest amount you can borrow at any given time with the agreement. In determining the credit limit, your salary, debts, credit status and any other monetary obligations will be taken into account. So that the lender is able to ascertain your home' present market value, you are going to need an appraisal on your home. Your credit limit will be set on all of your financial information, in addition to a percentage of your property's appraised value, which is then subtracted from the balance owed on your present mortgage.
Stepping Stone Mortgage can walk you through the process of getting a Home Equity Line. Give us a call at 5416833300.