Home Equity Line of Credit: the Facts

Shopping for a Home Equity Line of Credit? We'll be glad to answer your questions about your mortgage needs! Give us a call at 415-381-7006. Ready to get started? Apply Now.

When you need to borrow money to consolidate debts or make a big-ticket purchase, a home equity line of credit (HELOC) may be useful. A type of revolving credit, a HELOC is secured by the equity in your home. This open-ended loan can be charged up or paid down over the loan term. The loan interest rate usually changes monthly

The lender will set your credit limit (the maximum you may borrow) in the HELOC. In determining your credit limit, your pay-rate, debts, credit history and any other monetary circumstances will be taken into account. An appraisal will be required on your house to determine the property's market value. Your home's market value, subtracted from your remaining mortgage balance helps to set your specific credit limit.

RPM Mortgage - Paul Schectman Senior Mortgage Advisor can answer questions about Home Equity Lines and many others. Give us a call: 415-381-7006.

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Paul Schectman - Sr. Mortgage Advisor
CA DRE License: 00885318     NMLS ID: 333583
RPM Mortgage - 591 Redwood Highway, Suite 1150, Mill Valley, CA 94941

Email: pschectman@rpm-mtg.com    Direct: 415-381-7006

 

 

 

 

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