Home Equity Line of Credit allows you to take out a loan against the equity that you have in your property. HELOC can be created for a Commercial or Residential Property This is a revolving line of credit.
An appraisal may be required to learn the value of your property So that a lender can learn about the amount of credit that may be extended to the borrower.
This enables a borrower to get cash for any purposes that they wish. It works very much like a credit card once the amount of the Credit Line is established.
HELOC’s can be amortized over a 20 yr period to keep payments low. Other terms can be offered by your lender. Interest Rates are usually lower than unsecured credit card rates. Making HELOC ‘s very desirable way to finance purchases. Any amount of cash withdrawn against the Line of Credit must be repaid on a monthly basis similar to the way you repay your credit card to reduce the balance owed.
The amount of interest paid is set by the lender The lender will establish a Review of the Line of Credit generally at the end of 5 years. This gives the lender the ability to review the repayment record of the borrower and will determine if the the lender will renew the Line of Credit with the Borrower.
Value Funding Inc is able to get you the financing terms you need.
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