Home Line Rate
Today's Mortgage Choice can find you competitive home equity line of credit rates and HELOC products that best suit your needs. With the help of our specialists, not only will you have consistent, flexible access to your home equity, but you’ll enjoy lower interest rates too.
Set up a no-obligation consultation today and discover the best home equity line rates on the market. Call (888) 418-6979.
What Is a Home Line Rate?
A home line rate is a secure yet flexible borrowing tool that offers low-interest rates where the collateral of the loan is the property owner’s accrued equity in their home.
If you opt for a home credit line, you’ll benefit from:
- Easy access to your credit
- Minimal interest rate
- A credit limit up to 65% of the home’s value
- Borrowed finances for home remodels and more
How Do I Get a Home Line of Credit?
At Today's Mortgage Choice, we’ll guide you every step of the way when it comes to applying for a home equity credit line. To be approved, you will need to meet the following qualifications:
- Good credit report
- Proof of full-time employment
- Debt bigger than your income
Perhaps most importantly, you will be required to make a down payment of at least 20% or put down 20% home equity from the get-go.
How Does a Home Line of Credit Work?
If you choose to put down 20% home equity, you’ll need to provide proof that you are a homeowner with a property worth funding. Lenders will request:
- Deed of ownership
- Current mortgage balance
- Home valuation appraisal
Many lenders will also make you take a “stress test,” where you’ll be exposed to a higher interest rate to see if you can follow through with payments accordingly.
What Is the Difference Between a Home Line of Credit vs. Home Equity Loan?
A home line of credit and a home equity loan both pull from the value of your home, but they differ in significant ways.
Home Line of Credit
Much like a credit card, a home line of credit is a revolving line of credit that you may borrow from when you like. As long as you make the minimum monthly payments, you may repay your principal at any time. Generally, you can enjoy lower home line rates than home equity loan interest rates.
Home Equity Loan
A home equity loan is a single-time, lump-sum loan that can value up to 80% of your home’s value. Unlike a home line of credit, you may not borrow as you like. Once you take out a home equity loan, you receive the full amount at once and must take out another loan if it isn’t enough.
Our specialists will gladly explain the similarities and differences of home line of credits and home equity loans in-depth during your consultation.
Find the Best Home Line Rates with Today's Mortgage Choice
Our team can assist you in finding the best home line rates in the local area. Knowledgeable and dedicated, we get you the most value for your money.
Contact us now at (888) 418-6979 to get started.