Home Equity Line of Credit
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When you need to borrow some money to consolidate debts or make a large purchase, a home equity line of credit (HELOC) may be useful. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down during the loan term. The loan interest generally fluctuates every month
With a HELOC, the lender approves you for a particular amount of credit - the highest amount you may borrow at any given time with the agreement. Your credit score, income, debts and other financial circumstances can determine your credit limit. An appraisal is needed on your home to assess the home's current market value. Your credit limit will be set considering all of your financial information, in addition to a percentage of your home's appraised value, which is subtracted from the balance owed on your current mortgage.
Pacific Mortgage Consultants can answer questions about Home Equity Lines of Credit and many others. Give us a call at 530-677-2703.