Home Equity Line of Credit
At Robert A. Mortgages, we provide homeowners with a great alternative to bank loans, a home equity line of credit service, allowing borrowers to make the most out of their home’s equity. Just like how credit cards work, HELOC is also based on a similar concept. It’s a revolving line of credit wherein homeowners can borrow against the equity on their home, and the home is used as collateral. Several homeowners use HELOCs as a financial tool to manage their large expenses or consolidate high-interest debt. On repayment of the borrowed funds, the available amount of credit is replenished, eliminating the need to reapply for loans that exist in the case of traditional borrowing methods.
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- The interest rates of HELOCs are usually lower than other loans, such as credit cards or other unsecured loans.
- It is a lucrative option for debt consolidation and offers a simplified payment system.
- You must have enough equity in your house and fulfill the lender’s requirements before applying for a HELOC.
At Robert A. Mortgages, mortgage application is available on-line and can be filled in minutes. Additionally, you have the option to select your interest and enjoy complete transparency.
What are HELOC qualifications?
Equity in the Home
Having sufficient equity in the home means that the current value of your home exceeds the amount you owe on it. If you qualify, up to 85% of the current worth of your house, less any outstanding debt, is made available to you.
Additional Qualification Factors
Apart from the home’s equity, the applicant must also meet other lending factors. Various factors include credit score, payment history, monthly income, debt-to-income ratio, and credit history. At Robert A. Mortgage, we timely update clients with all the essential documents required and ensure a speedy process.
What can you use a HELOC for?
Using HELOC, homeowners can arrange finances for a wide range of requirements. Various expenses homeowners can meet, and not limited to:
- Home Improvement
- Debt Consolidation
- Backyard Renovations
- Medical Expenses
- Emergency Funds
- College Tuition
- And more
Get in touch with us at Robert A. Mortgages for trusted HELOC service. With over 30 years of experience in the industry, we continue to provide the right guidance and support to homeowners, helping them get the finances during times of need. HELOC applications can be applied for on-line at www.Rate.com/RobertArquette. Call us now!