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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!
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