Home Equity Line of Credit
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If you have a need for some extra cash to make a large purchase, remodel 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. Using the equity in your home as collateral, a HELOC is revolving credit. This is an open-ended loan that may be paid down or charged up for the term of the loan, much like a credit card. The loan interest rate typically changes monthly
With a HELOC, your lender will approve you for a specific credit amount - the maximum sum you may borrow at any given time. In setting the credit limit, your salary, outstanding debt, credit status and any other financial obligations will be reviewed. You will be required to do an appraisal of your home to assess your home's current value. Your home's market value, subtracted from your remaining mortgage loan balance will help to set your specific credit limit.
At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about Home Equity Lines of Credit every day. Call us at 214-300-8756.