What is a HELOC?

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When you want to borrow cash to consolidate debts or purchase a big-ticket item, a home equity line of credit (HELOC) may be useful. A HELOC is a type of revolving credit secured by your home equity. This open-ended loan can be charged up or paid down over the set term of the loan. The rate of interest can fluctuate (usually monthly).

Your lender will set your credit limit (the maximum amount you may borrow) with the HELOC. Your credit status, salary, debt and other financial information can affect your credit limit. You will be required to do an appraisal to assess your home's current value. Your property's current value, subtracted from your remaining mortgage loan balance helps to set your particular credit limit.

At Alliance Mortgage and Marketing, we answer questions about Home Equity Lines every day. Call us at (916) 473-1317.