What is a HELOC?
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If you want to borrow some money to consolidate funds or buy a big-ticket item, a home equity line of credit (HELOC) may be useful. A type of revolving credit, a HELOC is secured by your home equity. This open-ended loan can be charged up or paid down during the set term of the loan. The loan interest typically fluctuates monthly
The lender will specify your credit limit (the maximum you may borrow) with the HELOC. In determining the credit limit, your income, debts, credit history and any other financial circumstances will be considered. You are required to do an appraisal of your home to assess your home's up-to-date market value. Your home's up-to-date value, subtracted from your remaining mortgage loan balance helps to set your specific credit limit.
American Commerce Mortgage can walk you through the process of getting a Home Equity Line. Call us: 714-970-9700.