Home Equity Line of Credit

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When you need some extra money to make a big purchase, remodel your house, or pay off a high interest credit card, a HELOC (home equity line of credit) may be just what you're looking for. A kind of revolving credit, a HELOC is secured by the equity in your home. This is an open ended of loan that may be paid down or charged up for the term of the loan, similar to a credit card. The rate of interest can fluctuate (typically every month).

In a HELOC, the lender approves you for a predetermined credit amount - the highest amount you may borrow at any one time under the plan. Your credit history, income, debt and other financial information will determine your credit limit. An appraisal will be required on your house to determine the home's present market value. Your credit limit will be determined on all of your financial information, as well as a fraction of your property's appraised value, which is then subtracted from the balance owed on your existing mortgage.

Hayes Home Loans can answer questions about Home Equity Lines of Credit and many others. Give us a call at 918-633-9916.



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