Mortgage Broker Company - Your Mortage And A Home Equity Line Of Credit.

What Is a Home Equity Line of Credit?

A home equity line of credit is almost the same as revolving credit. Your home serves as the collateral. Most people use a home equity line of credit for home improvements, education, possibly medical bills. This type of loan should not be used for day to day expenses.

You get approved for a specific amount of credit - say 20,000. This would be your credit limit.

Lenders usually use take a percentage of the apprasied value of your home, then subtract the balance owed to see how much you qualify for. Check with your mortgage broker company or lender.

Sharon