What is a HELOC?
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When you have a need for some extra money to make a large purchase, renovate your home, or pay the balance on a high interest credit card, a HELOC (home equity line of credit) may be just what you need. A HELOC is a kind of revolving credit secured by your home equity. This is an open ended loan that may be paid down or charged up for the term of the loan, similar to a credit card. The interest rate can fluctuate (usually every month).
In a HELOC, your lending institution will approve you for a particular credit amount - the maximum sum you may borrow at any one time. In setting your credit limit, your pay-rate, outstanding debt, credit history and other monetary circumstances will be reviewed. An appraisal is needed on your house to assess the property's market value. Your property's market value, subtracted from your remaining mortgage loan balance will help to set your particular credit limit.
C2 Financial Corporation can answer questions about Home Equity Lines of Credit and many others. Call us: 5622061550.