Home Equity Line of Credit

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If you want to borrow some money to consolidate funds or buy a big-ticket item, a home equity line of credit (HELOC) can help. A HELOC is a type of revolving credit secured by the equity in your home. This open-ended loan may be be charged up or paid down over the set term of the loan. The interest rate fluctuates (typically monthly).

In a HELOC, your lending institution will approve you for a particular amount of credit - the largest sum you are able to borrow at any given time with the agreement. In setting the credit limit, your salary, outstanding debt, credit status and additional financial obligations will be considered. So that the lender is able to assess your home' present market value, you'll need an appraisal on your property. Your credit limit will be determined considering all of the above, as well as a percentage of your home's appraised value, which is then subtracted from the balance owed on your current mortgage.