Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) is a dynamic financial tool that taps into the equity homeowners have built in their properties. Unlike a traditional loan, a HELOC provides a revolving line of credit, similar to a credit card, but secured by the value of the home. This means homeowners can borrow against their equity as needed, repaying and borrowing again during the draw period, usually around 10 years.
HELOCs offer flexibility and immediate access to funds for various purposes such as home improvements, debt consolidation, education expenses, or emergencies. The main benefit lies in the potential for lower interest rates compared to other types of credit, and the interest paid might even be tax-deductible in some cases.
HELOCs empower homeowners to leverage their property’s equity strategically and prudently.
At Relentless Mortgage Group, we are dedicated to embracing a “Resilient” Approach to ensure every client finds the best loan options.
Requirements
Lender prerequisites may differ, yet there exist essential benchmarks crucial for obtaining eligibility for a HELOC or home equity loan. Please contact us for key information on HELOCs and home equity loans.
- To qualify for home equity financing, lenders often require you to own at least 15 percent of your home outright.
- You’ll need a solid credit score — in the mid-600s at least.
- The lower your debt-to-income (DTI) ratio, the better: 43% is the usual max.
- Lenders will also require evidence of a consistent and substantial income, even in situations with substantial equity.
- Even with a respectable credit score, a track record of delayed payments can portray you as a higher risk.
how can we help you?
At Relentless Mortgage we promise to provide complete transparency backed by “5 Star Service” from start to finish.
How do I say this! Ever feel that someone genuinely cares about your clients and your needs! Well with Joshua and his awesome Relentless team you feel that you are getting that top notch 5 star service! His team is clear in communication and is always ready to go the extra mile for their clients needs! We highly recommend anybody that ever has lending question to reach out to them! They will go the extra mile for you and your family!!!
