If you are a homeowner, it’s likely that your house is your biggest asset. However, it can seem as though all of that equity is tied up for the duration of your mortgage. With a Home Equity Line of Credit, you can unlock your home’s financial potential!
Unlike other forms of credit like loans, a home equity line of credit, or HELOC, is a secure form of revolving credit. This means you can borrow the money, pay it back, and borrow it again as many times as you want. This ensures that you have the cash you need, when you need it.
Low Interest Rates
Not only do you have access to the equity in your home, but you also get to take advantage of low interest rates when you choose a home equity line of credit through the mortgage experts at Source Mortgage. This is because lenders will use your home as a guarantee of repayment, so their risk is relatively low.
Options to Fit Your Needs
We offer two main types of home equity lines of credit:
- Combined with a mortgage: Sometimes referred to as a readvanceable mortgage, this type of HELOC combines a line of credit with a fixed-rate mortgage. Like any mortgage, you will need to make regular payments on the mortgage principal and interest.
- Stand-alone: This type of HELOC, as its name suggests, is not related to your mortgage. In fact, some homeowners use this to pay off an existing or new mortgage.
If you want to start accessing the equity in your home, you may want to consider what a home equity line of credit can do for you. HELOCs through Source Mortgage can help you tap into the best rates on the market, ensuring that you are making the most of your money! Contact us today to get started.