Borrow as You Like with a HELOC
Once you’ve received approval for a home equity line of credit, you can begin to borrow as you like. Our experts always recommend keeping close track of what you use your credit for as it is effortless to spend. Never forget that the lender can seize your home if the loan isn’t repaid. Always set a repayment schedule and stick to it.
How Does a Home Equity Loan Work?
A home equity loan is paid out in a lump sum from the very beginning. Home equity loan interest rates and terms are fixed, meaning that if you would like to reaccess your home equity you will have to take out a new loan. You can borrow up to 80% of your home’s overall value, depending on where you are in your mortgage payments.
Home Equity Line of Credit vs. Home Equity Loan
It is crucial to know your options and understand the difference between a home equity line of credit and a home equity loan. Both allow you to access your home equity, but they vary in significant ways.
Shop Equity Line of Credit Rates Now with Mortgage Alliance - Shoreline Mortgages, Inc.
A home equity line of credit isn’t for everyone, but with the right disciple and professional guidance, you can harness your equity to invest even more.
Give us a call now at (709) 699-5727 to start browsing a broad range of trusted lenders with the best line of credit rates.