What is a HELOC?

Are you looking for a new mortgage loan? We will be glad to assist you! Call us at 952-929-2577. Want to get started? Apply Here.

If you need some extra money to make a major purchase, renovate your home, or pay the balance on a high interest credit card, a HELOC (home equity line of credit) may be just what you're looking for. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan may be be charged up or paid down during the set term of the loan. The interest rate can fluctuate (typically every month).

In a HELOC, your lending institution will approve you for a predetermined amount of credit - the largest amount you are able to borrow at any given time. In determining your credit limit, your income, debts, credit history and additional monetary circumstances will be reviewed. In order to ascertain your house's present market value, you will need an appraisal on your property. Your credit limit will be set on all of the above, as well as a percentage of your home's appraised market value, which is subtracted from the balance owed on your current mortgage.

At VENTURE DEVELOPMENT INC, we answer questions about Home Equity Lines every day. Call us: 952-929-2577.


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