What is a HELOC?

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If you need to borrow some money to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) can help. Using your home equity 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 rate of interest can fluctuate (generally every month).

The lender will set your credit limit (the largest amount you may borrow) in the HELOC. In setting the credit limit, your income, debts, credit status and additional monetary obligations will be considered. In order to assess your property's present market value, you are going to need an appraisal on your property. Your home's market value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.

Mortgage Xperts can answer questions about Home Equity Lines of Credit and many others. Call us: 352-347-3303.

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