Money Articles

Home Equity Line of Credit

Home Equity Line of Credit

If you have equity in your home, there is a good chance that you can qualify for a Home Equity Line of Credit. This credit can be used when and as you please, mostly for large ticket items like home renovations rather than day-to-day expenses.

A Home Equity Line of Credit is given with the understanding that the lender will use the equity in your home to grant you a loan. Therefore, the more equity you have in your home, the more cash will be available to you. The cash you receive will be determined the lenders determination as to your ability to repay the loan by looking at income, other debts and your credit history. If these factors are favorable, the lender will usually allow you to borrow as much as 75 percent of your home's appraised value, subtracting the existing mortgage balance.

There is usually a fixed period for the loan repayments, which is also determined by the lender. After the fixed period, many lenders will allow the borrower (assuming they are in good standings) to extend the repayment period by renewing the loan. However, during this renewal process, you cannot borrow additional money. In some cases, the balance must be paid up at the end of the fixed period. It depends on the lender and should be a

There are sometimes limitations placed on the credit line. In other words, some lenders will only allow withdrawals in the amount of $500 or more, and some lenders have plans that specify upon issuing the credit line, an initial advance must be made.

When applying for a Home Equity Line of Credit, always read the credit agreement and terms and conditions of the plan. This includes examining the annual percentage rate and the costs of putting the plan in action. In this type of credit loan, the interest rates are usually variable rather than fixed, and the interest rate changes according to the market. In some cases, lenders will start a loan with discounted interest rates for approximately three to six months, than raise the rate. Most plans will put a cap on how much the interest rate can increase. The annual percentage rate is based on the interest rate and does not reflect the closing costs or other fees and charges, so make sure you compare these costs, as well as the annual percentage rate with several lenders.

Richard's articles and information can be found on http://activerain.com/blogs/wsgv Richard also sells real estate in Southern California and you can visit his website by go to http://www.sangabrielvalleyrealestate.com

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