Home Equity Line of Credit
Shopping for a Home Equity Line of Credit? We'll be glad to discuss our mortgage offerings! Give us a call at 214-300-8756. Ready to get started? Apply Now
A home equity line of credit (HELOC) can be useful when you are needing to borrow a lump sum to renovate your home, make a large purchase, or consolidate debt. A type of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan may be be charged up or paid down during the set term of the loan. The loan interest typically fluctuates monthly
In a HELOC, the lending institution will approve you for a specific credit amount - the highest amount you may borrow at any given time with the agreement. Your credit score, salary, debt and various other financial information can affect your credit limit. So that the lender is able to assess your house's present market value, you'll need an appraisal on your property. Your home's up-to-date value, subtracted from your remaining mortgage balance helps 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. Call us: 214-300-8756.