What is a HELOC?

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A home equity line of credit (HELOC) can be useful when you are hoping a lump sum to renovate your home, make a large purchase, or consolidate debt. Using your home equity as collateral, a HELOC is revolving credit. This is an open ended loan that can be paid down or charged up for the a set length of time, much like a credit card. The loan interest rate typically changes every month

In a HELOC, the lending institution will approve you for a particular amount of credit - the maximum amount you can borrow at any given time with the agreement. Your credit history, rate of pay, debt and various other financial information will affect your credit limit. You are required to do a home appraisal to determine your home's up-to-date market value. Your property's market value, subtracted from your remaining mortgage loan balance helps to set your specific credit limit.

Crescent Mortgage can walk you through the process of getting a Home Equity Line. Give us a call at (713) 255-5587.