A home equity line of credit (HELOC) is a revolving line of credit that is secured by using your home as collateral. The lender uses your home as a form of insurance to guarantee that you’ll pay back the money you borrow.A home equity line of credit is based on the amount of equity you have in your home and can be approved to a maximum of 80% of your home’s value, when combined with your first mortgage. Most people believe that you have to have perfect credit to qualify for a home equity line of credit but we know better! We work with lenders who will entertain applicants with slightly bruised credit.
There are several benefits to a home equity line of credit, the best part being that you only qualify for it once. Once your home equity line of credit is in place, you can access your home equity line of credit whenever you want. Some of the other major benefits to a HELOC include:
Not sure if you’re eligible for a home equity line of credit? Give us a call to discuss your options 1-866-306-2637 or apply online and put our experience to work!