How Do I Get A Home Equity Credit Line Of Credit?
A home equity credit line lets you use the equity in your home for personal use. It is a loan that lets you access your equity by writing checks on a home equity account. You can use as much or as little of the equity as you want.
How much equity do I have?
You have equity if your home is worth more than you owe on it. For example, if your home is worth $250,000 and you owe $150,000 on it, you have $100,000 in home equity.
What is the loan process?
To qualify, you must have equity in your home. Heres what happens after you contact a lender:
The lender will send an appraiser to determine your homes value.
The lender will determine the maximum loan amount based on the equity in your home.
You will sign a contract and a Deed of Trust will be recorded against your home. This means that if you dont make the payments, your home can be sold.
What are the costs?
When you apply for a home equity line of credit, you pay many of the same fees you did with your original home mortgage. These fees can be very costly, especially if you end up borrowing little from your...
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