Home Equity Line of Credit

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If you need some extra cash to make a big purchase, remodel 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 your home equity as collateral, a HELOC is revolving credit. This is an open ended of loan that can be paid down or charged up for the term of the loan, similar to a credit card. The rate of interest fluctuates (typically monthly).

In a HELOC, the lender will approve you for a predetermined amount of credit - the highest sum you can borrow at any given time with the agreement. Your credit history, salary, debts and various other financial information will determine your credit limit. You are required to have an appraisal to assess your home's present market value. Your credit limit will be set on all of the above, in addition to a fraction of your property's appraised market value, which is then subtracted from the balance owed on your existing mortgage loan.

Premier Nationwide Lending can answer questions about Home Equity Lines of Credit and many others. Give us a call: (926) 228-1944.