What is a HELOC?

Shopping for a Home Equity Line? We'll be glad to talk about our mortgage offerings! Call us at 410.461.4043. Ready to begin? Apply Online Now.

A home equity line of credit (HELOC) can be useful when you are hoping to borrow a lump sum to renovate your home, make a major purchase, or consolidate debt. A HELOC is a type of revolving credit secured by the equity in your home. This is an open-ended of loan that can be paid down or charged up for the term of the loan, similar to a credit card. The interest rate fluctuates (generally monthly).

Your lender will set your credit limit (the maximum amount you can borrow) with the HELOC. In deciding the credit limit, your income, outstanding debt, credit history and any other monetary obligations will be taken into account. You will be required to schedule a home appraisal to assess your home's current value. Your credit limit will be set on all of your financial information, in addition to a fraction of your home's appraised market value, which is then subtracted from the balance owed on your existing mortgage loan.

At Integrated Financial Solutions, LLC, we answer questions about Home Equity Lines every day. Give us a call: 410.461.4043.

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Licensed by the State of Maryland-Department of Financial Regulatin under license #11049

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Integrated Financial Solutions, LLC 10176 Baltimore National Pike Suite #212 Ellicott City, MD 21042-3650
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