Home Equity Line of Credit
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A home equity line of credit (HELOC) can be helpful when you are hoping a lump sum to remodel your home, make a big purchase, or consolidate debt. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down over the set term of the loan. The loan interest rate usually changes monthly
Your lender will set your credit limit (the maximum amount you may borrow) in the HELOC. In deciding your credit limit, your pay-rate, outstanding debt, credit status and any other monetary circumstances will be taken into account. You are required to schedule a home appraisal to assess your home's present value. Your home's current value, subtracted from your remaining mortgage loan balance helps to set your specific credit limit.
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can walk you through the process of getting a Home Equity Line. Call us: 214-300-8756.