Home Equity Line of Credit (HELOC) Laguna Beach CA

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Home Equity Line of Credit (HELOC) Laguna Beach CA

A home equity line of credit (HELOC) is an open line of credit tied to an equity-based maximum loan amount. You may use the account for a set period of time (5, 10 or even 20 years) as long as there are funds. Once your predetermined time period is up, you will be required to pay off the loan, making monthly payments on the principal and interest. The interest rate can fluctuate month to month on a home equity line of credit, which makes this option appealing when interest rates are low, but risky when interest rates increase.

What is a HELOC?
A home equity line of credit (HELOC) can be helpful when you are looking to borrow a lump sum to renovate your home, make a big purchase, or consolidate debt. A kind of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan may be be charged up or paid down over the loan term. The loan interest usually fluctuates every month.

Your lender will specify your credit limit (the largest amount you may borrow) with the HELOC. In setting your credit limit, your salary, outstanding debt, credit history and other monetary circumstances will be reviewed. In order to assess your home’ current market value, you’ll need an appraisal on your home. Your credit limit will be determined considering all of your financial information, in addition to a percentage of your property’s appraised market value, which is then subtracted from the balance owed on your existing mortgage loan.
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