Home Equity Line of Credit

	Looking for a Home Equity Line of Credit? We'd be thrilled to discuss our many mortgage solutions! Give us a call today at 303.727.2466. Want to get started? Apply Here.

A home equity line of credit (HELOC) can be helpful when you are needing a lump sum to renovate your home, make a major purchase, or consolidate debt. A type of revolving credit, a HELOC is secured by the equity in your home. This is an open-ended of loan that can be paid down or charged up for the term of the loan, similar to a credit card. The loan interest rate typically fluctuates monthly

The lender will set your credit limit (the largest amount you may borrow) in the HELOC. Your credit score, rate of pay, debts and various other financial information can determine your credit limit. You are required to do an appraisal to assess your home's present value. Your credit limit will be based on all of the above, as well as a fraction of your property's appraised market value, which is then subtracted from the balance owed on your present mortgage.

Paragon Mortgage Services, Inc. can walk you through the process of getting a Home Equity Line. Give us a call at 303.727.2466.