Often referred to as HELOC, this is a combination of a fixed term mortgage with a revolving home equity line of credit. The borrower will have to repay the interest and mortgage principal based on a schedule. In Home Equity Line Of Credit, one can get up to 65% of the market value or purchase price of the house.
For you to be considered for a Home Equity Line of Credit, you may need to have:
- A down payment or equity of 20% minimum
- A good credit score and proof of income
- Evidence of ownership of the property
- Let the lender assess the value of your home
You can consult with our team of experts to learn more about Home Equity Line of Credit.