Home Equity Line of Credit
Looking to consolidate debt or pay off some bills? We can assist you! Call us at 720-317-2500. Want to get started? Apply Now
If you want to borrow some money to consolidate funds or purchase a big-ticket item, a home equity line of credit (HELOC) can help. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down over the set term of the loan. The loan interest rate typically fluctuates every month
The lender will set your credit limit (the maximum amount you may borrow) in the HELOC. Your credit history, income, debts and other financial information can affect your credit limit. In order to ascertain your home' present market value, you will need an appraisal on your property. Your home's up-to-date value, subtracted from your remaining mortgage balance will help to set your particular credit limit.
American Dream Mortgage can answer questions about Home Equity Lines of Credit and many others. Call us at 720-317-2500.