Home Equity Line of Credit
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When you need to borrow some money to consolidate debts or make a big-ticket purchase, a home equity line of credit (HELOC) may help. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down during the loan term. The rate of interest fluctuates (generally monthly).
Your lender will determine your credit limit (the biggest amount you can borrow) in the HELOC. In setting the credit limit, your income, outstanding debt, credit status and any other financial circumstances will be considered. So that the lender is able to ascertain your home' present market value, you will need an appraisal on your property. Your property's current value, subtracted from your remaining mortgage loan balance helps to determine your specific credit limit.
Mac 5 Mortgage can walk you through the process of getting a Home Equity Line. Give us a call at 970-625-8686.