What is a HELOC?
||Shopping for a Home Equity Line of Credit? Joe Wagner will be glad to help! Call Joe Wagner at 612-327-4544. Want to get started? Apply Online Now.
If you need some extra money to make a big purchase, renovate your house, 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. A HELOC is a kind of revolving credit secured by the equity in your home. This open-ended loan may be be charged up or paid down over the set term of the loan. The interest rate changes (usually every month).
With a HELOC, your lender will approve you for a specific amount of credit - the maximum amount you can borrow at any given time with the agreement. In determining your credit limit, your salary, outstanding debt, credit status and additional financial circumstances will be reviewed. You will be required to have a home appraisal to assess your home's up-to-date market value. Your home's up-to-date value, subtracted from your remaining mortgage balance helps to determine your specific credit limit.
Joe Wagner can answer questions about Home Equity Lines and many others. Call Joe Wagner at 612-327-4544.
Serving all of Minnesota.
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