Home Equity Line Of Credit
Home equity line of credit is like a revolving credit of a credit card you use it and you pay it back and interest is charged only on the portion used. Since its a secured credit against your house the rate of interest are very low in comparison to a personal loan or line of credits.With a home equity line of credit, the entire credit available is not advanced upfront. Instead, you can use as much or as little as you choose, and you only pay interest on the amount you withdraw.
If you are using any portion of your home equity line of credit, you will need to make a monthly payment for doing so. The same way a traditional line of credit works, you will only need to pay the interest only on your outstanding balance
Who can qualify?
- Home owners
- Self employed people who don’t have provable income
- Low/Poor credit
How can it be used?
It is extremely flexible and can be used for just about everything ;
- A loan for home renovations
- Financing for your other personal needs
- Debt consolidation
- Access funds for investment
- Education
What if I have a mortgage with a different lender?
Home equity line of credit can be added behind your current mortgage without any effect to it.
Home equity line of credit could be a safety net at time of financial crisis and life changing events like job loss etc. It can help you to put your life back on track.
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