Home Equity Line of Credit

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If you need to borrow money to consolidate debts or make a large purchase, a home equity line of credit (HELOC) might help. Using the equity in your home as collateral, a HELOC is revolving credit. This open-ended loan can be charged up or paid down during the loan term. The interest rate changes (usually monthly).

With a HELOC, the lending institution approves you for a particular credit amount - the largest sum you can borrow at any given time under the plan. Your credit status, rate of pay, debts and other financial circumstances can determine your credit limit. So that the lender is able to assess your house's current market value, you'll need an appraisal on your property. Your home's market value, subtracted from your remaining mortgage balance helps to determine your particular credit limit.