Home Equity Line of Credit

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When you have a need for some extra money to make a large purchase, remodel your home, or pay the balance on a high-interest credit card, a HELOC (home equity line of credit) might be just what you are looking for. 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 rate of interest changes (generally every month).

Your lender will set your credit limit (the maximum you can borrow) in the HELOC. Your credit status, salary, debt and various other financial information will determine your credit limit. You will be required to schedule an appraisal to assess your home's up-to-date market value. Your home's up-to-date value, subtracted from your remaining mortgage loan balance will help to determine your particular credit limit.