How to Get a Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a loan in which the borrower pledges his or her house as collateral. The money is available until the borrower repays the loan, and he or she can use it whenever they want. The HELOC process is simple, and there are several ways to get started. The process starts by evaluating the borrower's needs and making sure the loan is in their best interest.
The Application Process and Outstanding Debts
The process of applying for a home equity line of credit is similar to the application process for a primary mortgage. Lenders will need to know how much equity you have in your home, the appraised value, and your income and outstanding debts. They will also want to know your credit history and any other financial matters you may have. A HELOC is a great way ...