What is a HELOC?
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When you want to borrow cash to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) can help. 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 interest rate fluctuates (generally monthly).
Your lender will set your credit limit (the maximum you may borrow) with the HELOC. Your credit history, rate of pay, debt and various other financial information will affect your credit limit. In order to ascertain your home' present market value, you are going to need an appraisal on your property. Your property's current value, subtracted from your remaining mortgage loan balance will help to set your particular credit limit.
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about Home Equity Lines of Credit and many others. Give us a call: 214-300-8756.