Home Equity Line of Credit
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When you have a need for some extra cash to make a large purchase, renovate 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. A kind 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 over the set term of the loan. The interest rate fluctuates (generally every month).
The lender will set your credit limit (the maximum you may borrow) in the HELOC. In setting the credit limit, your income, outstanding debt, credit history and other monetary circumstances will be reviewed. You are required to schedule an appraisal to assess your home's current value. Your home's market value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.
American Commerce Mortgage can walk you through the process of getting a Home Equity Line. Give us a call at 714-970-9700.