Home Equity Line of Credit

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If you need to borrow money to consolidate funds or purchase a big-ticket item, a home equity line of credit (HELOC) may be useful. A kind of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended loan that may be paid down or charged up for the a set length of time, much like a credit card. The interest rate fluctuates (typically monthly).

The lender will determine your credit limit (the largest amount you may borrow) with the HELOC. In setting your credit limit, your salary, outstanding debt, credit history and additional financial circumstances will be reviewed. You will be required to do an appraisal on your home to determine your home's up-to-date market value. Your credit limit will be set considering all of the above, in addition to a fraction of your property's appraised market value, which is subtracted from the balance owed on your present mortgage loan.

JOANNE AHN can answer questions about Home Equity Lines and many others. Call us: 415-999-2439.