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 What is a line of credit?
Do you need $5,000 right now and $10,000 in a year for your daughter's wedding or for a trip? An equity line of credit allows you the peace-of-mind of having money available for when you need it. Most important, your monthly payments are based only on the balance you've used, and not the entire amount. The best way to explain this type of loan is through example. Say you get a $50,000 equity line of credit. Those $50,000 are available for you to use anytime you wish. If you only use $10,000, your monthly payment is based on the $10,000 balance, and you still have $40,000 ready for you to use. The best thing about the line of credit is you don't have to apply for a new loan each time you need money.
Can I get one?
You must have equity on your home and a pretty good credit history. You'll be rewarded with the lowest interest rate in the mortgage market!
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