Home Equity Line of Credit

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If you want to borrow money to consolidate funds or buy a big-ticket item, a home equity line of credit (HELOC) may help. A type of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan can be charged up or paid down over the loan term. The interest rate can fluctuate (generally monthly).

With a HELOC, your lending institution will approve you for a predetermined credit amount - the largest sum you may borrow at any one time with the agreement. Your credit history, income, debt and various other financial circumstances will determine your credit limit. So that the lender can ascertain your home' present market value, you are going to need an appraisal on your home. Your home's market value, subtracted from your remaining mortgage loan balance helps to determine your specific credit limit.