Home Equity Line of Credit
Shopping for a Home Equity Line? We can assist you! Call us at 5208867283. Want to get started? Apply Now
A home equity line of credit (HELOC) can be helpful when you are hoping 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 is an open ended of loan that can be paid down or charged up for the a set length of time, much like a credit card. The rate of interest can fluctuate (usually every month).
Your lender will specify your credit limit (the highest amount you may borrow) in the HELOC. Your credit status, rate of pay, debts and other financial circumstances can affect your credit limit. In order to ascertain your house's current market value, you will need an appraisal on your property. Your credit limit will be determined considering all of the above, as well as a fraction of your home's appraised market value, which is subtracted from the balance owed on your existing mortgage.
Lending Arizona can walk you through the process of getting a Home Equity Line of Credit. Call us at 5208867283.