Home Equity Line of Credit
Shopping for a Home Equity Line of Credit? We'll be glad to answer your questions about our mortgage offerings! Give us a call at 502-491-0749. Want to get started? Apply Now
If you need to borrow money to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) might be useful. A HELOC is a type of revolving credit secured by the equity in your home. This is an open-ended loan that can be paid down or charged up for the a set length of time, similar to a credit card. The rate of interest can fluctuate (usually monthly).
The lender will specify your credit limit (the maximum you can borrow) in the HELOC. In setting your credit limit, your salary, outstanding debt, credit history and other monetary obligations will be taken into account. You will be required to have a home appraisal to determine your home's present market value. Your credit limit will be determined on all of your financial information, as well as a fraction of your home's appraised market value, which is subtracted from the balance owed on your existing mortgage loan.
Metro Mortgage Lending can answer questions about Home Equity Lines and many others. Give us a call: 502-491-0749.