Home Equity Line of Credit

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When you have a need for some extra cash to make a major purchase, remodel your house, or pay the balance on a high interest credit card, a HELOC (home equity line of credit) may be just what you need. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down over the set term of the loan. The loan interest typically changes every month

The lender will set your credit limit (the maximum you can borrow) in the HELOC. In determining the credit limit, your pay-rate, debts, credit history and additional financial obligations will be reviewed. An appraisal will be required on your house to assess the home's current market value. Your credit limit will be set on all of the above, as well as a percentage of your property's appraised value, which is then subtracted from the balance owed on your existing mortgage.