Home Equity Line of Credit
Shopping for a Home Equity Line? We can help! Call us at 714-970-9700. Want to get started? Apply Now
If you have a need for some extra money to make a major purchase, remodel your house, or pay off a high-interest credit card, a HELOC (home equity line of credit) may be just what you are looking for. 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 loan term. The rate of interest changes (generally every month).
In a HELOC, your lending institution will approve you for a particular amount of credit - the maximum sum you can borrow at any one time under the plan. Your credit status, rate of pay, debts and various other financial circumstances can determine your credit limit. An appraisal is needed on your house to determine the property's present market value. Your credit limit will be set considering all of your financial information, as well as a percentage of your property's appraised value, which is then subtracted from the balance owed on your current mortgage loan.
American Commerce Mortgage can walk you through the process of getting a Home Equity Line. Call us at 714-970-9700.