Home Equity Line of Credit
In the market for a mortgage loan? We'll be glad to talk about our mortgage offerings! Give us a call today at (408) 985-6400. Ready to begin? Apply Here
If you need to borrow cash to consolidate funds or make a major purchase, a home equity line of credit (HELOC) might be useful. Using your home equity as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down over the set term of the loan. The interest rate fluctuates (usually every month).
In a HELOC, your lender will approve you for a predetermined credit amount - the largest sum you are able to borrow at any given time under the plan. In setting your credit limit, your income, outstanding debt, credit history and additional financial circumstances will be taken into account. You will be required to do a home appraisal to determine your home's up-to-date value. Your property's market value, subtracted from your remaining mortgage loan balance will help to set your specific credit limit.
Inter-Capital Group can walk you through the process of getting a Home Equity Line. Call us: (408) 985-6400.