Home Equity Line of Credit

                                

What is a Home Equity Line of Credit ?

A home equity line of credit allows you to have a revolving loan balance without doing new loan documents for every increase or decrease.   The maximum amount that can be drawn upon is based upon the current appraised value of your home versus what you owe on the home with any other mortgages.   You may also have a home equity line of credit even if there are no other mortgages against the property. Unlike a credit card, your home equity line of credit may have a lower interest rate.

What is the process to obtain a home equity line of credit ?

The approval process is the same as with other loans where income and other related documentation must be provided.  As part of the approval process, your loan officer would order a credit report and a current appraisal. You can follow the easy steps on line, or contract a loan officer to walk you through the process.

After the approval, how are funds accessed and what can it be used for?

Once approved, you may advance and pay down on your loan at any time without any prepayment penalties.  Funds can be advanced and paid off in a variety of ways, such as checks, in person or on line through this website.  The available credit can be used for a variety of purposes, such as home repairs or additions, debt consolidation, vehicle purchases or emergency funds.

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