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HOME EQUITY LINE OF CREDIT
An equity revolving line of credit is an excellent means for funding ongoing projects and purchases like home improvements and/or school tuition. A line of credit gives you the ability to borrow any amount of your line, at any time!

 


How do
home equity lines of credit work?
An equity line of credit offers a revolving settlement cycle. Meaning as you make payments to your loan, you can continue to borrow up to your credit limit. This type of loan is ideal if you want the option to make use of your loan as you need it. The payments you make for your line of credit will vary depending on the amount you borrow and how much you've paid off.

What is the difference between an equity loan and a revolving line of credit?
When you utilize a home equity loan, you get one lump sum of funds to you use as you wish. You are obligated to make fixed payments on a monthly basis until the loan is paid off.

Again, with an equity line of credit, you have a source of funds that you can use, and re-use, as you want. For example, if you have a $15,000 equity line of credit that is completely utilized, you can make payments to the debt in order to free up more cash. You can then re-use the newly available cash from the line of credit.

APPLY FOR AN EQUITY LINE OF CREDIT

How much money can you borrow with a home equity credit line?
We offer loans programs that range in terms from 5 to 30 years and allow you to borrow up to 125% of the value of your home. For example, if your house is worth $300,000 and you have a first mortgage of $200,000, you can apply for a $175,000 line of credit. Learn more about 125% LTV home equity loans.

Is a home equity credit line right for you?
If you are borrowing money that you plan on paying back over a two or three year time period, a line of credit is good because the variable interest rate you receive will initially be lower than the fixed rates associated with home equity loans. However, if you anticipate paying back your line of credit over a longer period of time than a few years, then we suggest locking in a fixed interest rate by applying for a home equity loan instead.

Are there any credit requirements needed for approval when applying for a home equity line of credit?
A minimum FICO score of 500 is necessary. Star Loan Services does work with people with bad credit. However, we do not grant loans to people with active bankruptcies.

How long does it take close an equity line of credit?
Closing times for lines of credit are about one week!

Get the borrowing flexibility you need with revolving credit line!
Applications for good and bad credit accepted!
Request an equity revolving line of credit today!


 


More Line of Credit Information:
Cash Out Refinancing vs. Home Equity Loans
Equity Loans vs. Line of Credit
Building Equity
About the Equity Loans and Lines of Credit We Offer
Should I Apply for a Loan or Line of Credit?


 


        


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