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Home Equity Line of Credit (HELOC)

A home equity line of credit, or HELOC, allows homeowners to use their home’s equity to borrow money – often for major items, such as education, home improvements, or medical bills. With a home equity line, you will be approved for a specific amount of credit, using your equity as the collateral. Many lenders set the credit limit on a home equity line by taking a percentage of the home’s appraised value and subtracting from that the balance owed on the existing mortgage.

Is this right for you?

When considering a HELOC, it is important to understand some of its features and requirements to determine whether this type of financing is right for you.

A home equity line of credit can be a great financing option for many borrowers, but – as with any loan product – you need to speak to a mortgage professional to make sure it fits your financial needs. Aft

 

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