Nevada, Las Vegas Home Equity Line of Credit (HELOC)
A Home equity line of credit is an adjustable rate mortgage that follows Prime Rate. This type of loan allows you to draw funds only as you need them up to a max limit. There is typically a set amount of time in which you can withdraw funds. You are required to re-pay interest only on the amount withdrawn or you can chose to pay principal and interest. If you chose the interest only option, then typically the interest only period will be for a set amount of time. After that time expires (usually 10 years), the lender will require you pay interest plus principal (usually for the remaining 20 years). The interest paid on a home equity line of credit may be tax deductible.
There are huge advantages to being a home owner and being able to borrow against the equity in your home is a one of them. Are you debating taking a home equity line of credit as opposed to refinancing the entire loan amount with cash out? OR, Are you just not sure whether a home equity loan or a home equity line of credit is right for you? There are opportunities for consolidating debt by using a home equity line of credit.
If having options is important to you...
Contact Casey Moseman
For personalized local service!!