Home Equity Line of Credit

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If you have a need for some extra money to make a major purchase, remodel your home, or pay off a high interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. A type of revolving credit, a HELOC is secured by your home equity. This is an open-ended loan that can be paid down or charged up for the term of the loan, similar to a credit card. The rate of interest fluctuates (usually monthly).

The lender will determine your credit limit (the maximum you may borrow) in the HELOC. In determining your credit limit, your pay-rate, debts, credit history and any other financial obligations will be taken into account. An appraisal is required on your home to assess the home's market value. Your credit limit will be based on all of the above, as well as a fraction of your property's appraised value, which is then subtracted from the balance owed on your current mortgage.