Home Equity Line of Credit: the Facts
Looking for a Home Equity Line of Credit? We'd be thrilled to discuss our mortgage offerings! Give us a call today at 410-404-4875. Want to get started? Apply Online Now
When you have a need for some extra money to make a major purchase, remodel your house, or pay the balance on a high-interest credit card, a HELOC (home equity line of credit) may be just what you are looking for. 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 loan term. The loan interest generally changes every month
In a HELOC, the lender approves you for a particular credit amount - the highest sum you may borrow at any one time under the plan. Your credit history, salary, debt and various other financial information can affect your credit limit. An appraisal is needed on your home to determine the property's market value. Your home's market value, subtracted from your remaining mortgage loan balance will help to determine your specific credit limit.
At Coastal Lending Group LLC, we answer questions about Home Equity Lines of Credit every day. Call us at 410-404-4875.