Home Equity Line of Credit: the Facts

Searching for a Home Equity Line of Credit? We will be glad to help! Give us a call at 5752581316. Ready to begin? Apply Online Now.

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

The lender will set your credit limit (the largest amount you can borrow) in the HELOC. Your credit history, salary, debts and various other financial information can affect your credit limit. So that the lender is able to assess your property's current market value, you're going to need an appraisal on your property. Your credit limit will be based considering all of your financial information, in addition to a percentage of your home's appraised market value, which is subtracted from the balance owed on your existing mortgage.

At Ruidoso Mortgage, we answer questions about Home Equity Lines of Credit every day. Call us at 5752581316.

1123 Mechem Dr Ste 1
Ruidoso, NM 88345