Home Equity Line of Credit: the Facts
Shopping for a Home Equity Line? We'd be thrilled to discuss our mortgage offerings! Call us at 386-246-6322. Ready to begin? Apply Here
A home equity line of credit (HELOC) can be useful when you are looking a lump sum to renovate your home, make a big purchase, or consolidate debt. A HELOC is a type of revolving credit secured by your home equity. This open-ended loan may be be charged up or paid down during the set term of the loan. The loan interest generally changes every month
In a HELOC, your lender approves you for a particular credit amount - the highest sum you can borrow at any one time under the plan. In deciding your credit limit, your pay-rate, debts, credit history and other monetary circumstances will be considered. You will be required to schedule an appraisal on your home to determine your home's up-to-date market value. Your credit limit will be set 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 existing mortgage loan.
Saltwater Funding, Inc. can walk you through the process of getting a Home Equity Line of Credit. Give us a call at 386-246-6322.