What is a HELOC?
Shopping for a Home Equity Line of Credit? We can help! Call us at 714-970-9700. Ready to get started? Apply Here
A home equity line of credit (HELOC) can be helpful when you are looking to borrow a lump sum to remodel your home, make a large purchase, or consolidate debt. A HELOC is a form of revolving credit secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The rate of interest changes (generally monthly).
With a HELOC, your lending institution approves you for a specific amount of credit - the largest sum you may borrow at any one time. In deciding the credit limit, your salary, debts, credit status and other financial obligations will be taken into account. An appraisal is required on your home to assess the property's market value. Your home's up-to-date value, subtracted from your remaining mortgage balance helps to set your specific 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.