Home Equity Line of Credit: the Facts
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If you need to borrow some money to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) may help. A HELOC is a form of revolving credit secured by the equity in your home. This is an open ended of loan that may be paid down or charged up for the term of the loan, similar to a credit card. The interest rate changes (typically monthly).
The lender will specify your credit limit (the maximum you may borrow) in the HELOC. Your credit score, rate of pay, debts and other financial information will determine your credit limit. In order to ascertain your house's present market value, you're going to 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.
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about Home Equity Lines and many others. Give us a call: 214-300-8756.