Home Equity Line of Credit
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If you want to borrow some money to consolidate debts or make a large purchase, a home equity line of credit (HELOC) may be useful. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down during the set term of the loan. The rate of interest changes (typically monthly).
Your lender will set your credit limit (the largest amount you may borrow) in the HELOC. In setting the credit limit, your income, outstanding debt, credit history and other monetary obligations will be considered. In order to ascertain your property's current market value, you'll need an appraisal on your property. Your property's up-to-date value, subtracted from your remaining mortgage loan balance helps to set your specific credit limit.
Fidelity Direct Mortgage can answer questions about Home Equity Lines of Credit and many others. Call us: 410.695.3547.