What is a HELOC?
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If you have a need for some extra money to make a big purchase, renovate your home, or pay off a high-interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. A kind of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan can be charged up or paid down during the set term of the loan. The loan interest rate usually fluctuates monthly
With a HELOC, the lending institution will approve you for a predetermined amount of credit - the largest amount you are able to borrow at any one time under the plan. In setting your credit limit, your salary, debts, credit history and other monetary circumstances will be considered. You will be required to do a home appraisal to assess your home's present market value. Your credit limit will be set on all of the above, as well as a fraction of your home's appraised value, which is then subtracted from the balance owed on your existing mortgage loan.
At Arizona Wholesale Mortgage LLC, we answer questions about Home Equity Lines every day. Give us a call: 602-369-8482.