Home Equity Line of Credit

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When you need to borrow cash to consolidate funds or make a big-ticket purchase, a home equity line of credit (HELOC) may be useful. A HELOC is a kind of revolving credit secured by your home equity. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The rate of interest fluctuates (typically every month).

In a HELOC, the lending institution approves you for a particular credit amount - the maximum amount you can borrow at any given time with the agreement. In determining your credit limit, your pay-rate, debts, credit status and other monetary obligations will be considered. You will be required to schedule a home appraisal to determine your home's current market value. Your property's market value, subtracted from your remaining mortgage loan balance will help to set your particular credit limit.