What is HELOC - heloc.loans

What is HELOC?HELOC.LOANS

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Home Equity Line of Credit also known as HELOC wasdesigned to help you utilize the equity in your home. Basically,if you’re a homeowner and want to cash out the equity in yourhome for cash you can with HELOC. If you're planning anymajor renovation to your home, HELOC can help. HELOC is arevolving form of your credit that uses your home as collateral.If you qualify and have available equity HELOC can help with:

Tax Benefits- The interest in your financing could be

tax deductible.

Secured Financing-(Based on the equity in your home)

usually results in a lower interest rate

Revolving Source of Funds- You can borrow and pay

back these funds as many times as you need.



Benefits of HELOC



Lifetime Rate Caps

Your home equity interest rate is tied into the primerate, this is standard for determining the rate forborrowed money. When the prime rates increase,the APR on the credit does as well. Rate caps neverincrease more than 2% yearly and your year starts onthe day you sign your credit agreement.



Fixed Rates

Not everyone’s needs are the same, nor do oneperson’s needs stay consistent, with your line ofcredit it can adapt as your needs change. Duringthe draw period you’re allowed to covert part or allof your variable rate into a fixed rate.



Payments that rebuild equity

Principal (not including interest)-reducing payments canhelp you rebuild the equity in your home and you couldbe paying less interest than compared to other interest-only payments.



The Application ProcessAfter you have submitted your application to your lender it usually takes about a week while your lender reviews your applications and any supplemented documentation. This is the best time to ask your lender any questions you may have about the application process or about HELOC in general. After all the information is reviewed your lender will confirm the information you provided and may have some questions for you as well. After your personal information has been confirmed and reviewed the next step would be to confirm your home’s value. Usually done with a home inspection of the home. After the inspection, if approved all borrowers will need to sign the documents. Depending on the property type and your transaction there could be a 3-day waiting period before funds become available to you.



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C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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What is HELOC - heloc.loans