Home Equity Line of Credit: the Facts

Shopping for a Home Equity Line of Credit? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call at 6269182419. Want to get started? Apply Here.

If you want to borrow cash to consolidate funds or purchase a big-ticket item, a home equity line of credit (HELOC) can be useful. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest rate generally changes every month

In a HELOC, your lender approves you for a predetermined amount of credit - the highest sum you are able to borrow at any one time. Your credit history, salary, debts and other financial circumstances can affect your credit limit. An appraisal is needed on your home to determine the home's current market value. Your home's market value, subtracted from your remaining mortgage balance helps to determine your particular credit limit.

Financial Freedom Solutions, Inc. can answer questions about Home Equity Lines of Credit and many others. Give us a call: 6269182419.

101 N Citrus Ave Ste 1C
Covina, CA 91724