Home Equity Line of Credit
Looking for a Home Equity Line of Credit? We'll be glad to talk about our many mortgage solutions! Give us a call today at 480-463-4357. Want to get started? Apply Online Now
If you need to borrow cash to consolidate debts or buy a big-ticket item, a home equity line of credit (HELOC) can be useful. Using the equity in your home as collateral, a HELOC is revolving credit. This is an open-ended of loan that can be paid down or charged up for the a set length of time, similar to a credit card. The loan interest usually fluctuates monthly
Your lender will set your credit limit (the maximum you can borrow) in the HELOC. In setting the credit limit, your pay-rate, debts, credit history and other financial obligations will be reviewed. An appraisal is needed on your house to assess the home's present market value. Your credit limit will be determined on all of your financial information, as well as a percentage of your home's appraised market value, which is then subtracted from the balance owed on your existing mortgage.
Synergistic Wealth Management llc can walk you through the process of getting a Home Equity Line of Credit. Call us at 480-463-4357.