Home Equity Lines of Credit are a great way to finance large purchases

If you’re looking at a large purchase in the future, you might consider a Home Equity Line of Credit (HELOC)

What is a Home Equity Line of Credit?

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

How does a HELOC work?

A HELOC allows you to borrow against the available equity in your home and the home is used as collateral for the line of credit.  Much like a credit card, as you repay the outstanding balance, the amount of available credit is replenished.  You can borrow against the line as little or as much as you need throughout the draw period (typically 10 years).  At the end of the draw period, the repayment period (typically 20 years) begins.

What is required for a HELOC?

To qualify for a HELOC, all loan applicants must meet certain loan requirements, including:

• Sufficient equity in your home
• Good work history
• Verifiable income
• Credit score of 640+

Ready to get started?

If you are interested in learning more about HELOC’s, we are here to answer all of your questions.  We will walk through the numbers and the process, from application to closing.

Complete our Quote Request below or call us at 404-303-7411 to take the first step.