Home Equity Line of Credit
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If you have a need for some extra cash to make a major purchase, renovate your home, or pay the balance on a high interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. Using your home equity as collateral, a HELOC is revolving credit. This is an open-ended of loan that can be paid down or charged up for the term of the loan, much like a credit card. The loan interest generally changes monthly
With a HELOC, your lender will approve you for a specific credit amount - the maximum sum you can borrow at any one time under the plan. Your credit score, rate of pay, debt and various other financial circumstances will affect your credit limit. An appraisal is needed on your home to determine the property's market value. Your property's current value, subtracted from your remaining mortgage balance will help to set your specific credit limit.
Sherry Bitner can walk you through the process of getting a Home Equity Line of Credit. Call us: 941-504-1445.