Cash In on your Home Equity TO TAKE ON A HOME RENOVATION, PAY OFF A LOAN, OR Cover EMERGENCY Costs
A HELOC (Home Equity Line of Credit) could be a viable financing option for you. Our Texas mortgage lenders are available to help start your application.
WHAT IS A HOME EQUITY LINE OF CREDIT?
A Home Equity Line of Credit (HELOC) is a financial product that allows homeowners to access a specific maximum amount of credit using the equity they have built up in their home. In simpler terms, it enables homeowners to take cash out of their property and use it for a variety of purposes.
HOW DOES A HELOC WORK?
A HELOC works like a credit card, which allows you to make purchases within your available credit limit. A HELOC is a revolving form of credit with a variable interest rate. However, the credit limit for a HELOC is based on the value of your property. Once your lender approves you for a HELOC, you are given a maximum credit limit, which you can draw from as needed, depending on your financial needs.
WHAT ARE THE BENEFITS OF A HOME EQUITY LINE OF CREDIT?
One significant benefit of home equity loans in Texas is that you pay only interest on the amount you borrow for the first 60 months of the loan.
Additionally, you can use the money in any way you want, such as home renovations, education expenses, consolidating debt, or even emergency funds.
HELOCs are a lien secured by your property. In case you fail to make your payments, your lender may foreclose on your home. Therefore, it's essential to assess whether your financial situation is stable enough to access this type of credit before seeking out a HELOC.
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
Cash in on your home equity to finance home renovations, pay off debt, or use for unexpected expenses. To start the application process, contact an FLB Mortgage Lender in Frisco, Texas today!
