Tips for Getting Home Equity Lines of Credit

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A home equity line of credit, or HELOC, is something that can be achieved with a recent home appraisal and copies of a credit report. Find out why home equity lines of credit are popular in bullish markets with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about tips to get a home equity line of credit. Actually a home equity line of credit is called a HELOC for short. H-E-L-O-K, L-O-C I'm sorry. And a HELOC, or home equity line of credit, can be achieved from a bank if you have the following: A recent appraisal of your property is very very helpful because after all the loan is based on the appraised value of your property and the bank is looking for the fact that you have significant equity in that property over and above the current first mortgage that may be in place. This type of strategy is more popular in a bullish real estate market. Right now with property values descending as opposed to ascending it becomes more and more difficult to draw dollars out of your home by a HELOC process. But if you're fortunate enough and you have significant equity in your home banks still do this type of business. Make sure in addition to your appraisal that you have copies of your credit report, copies of a financial planning statement and various other ancillary items that the bank will require in the loan package and make sure that they get that information in a timely fashion and you too will have a successful outcome when you apply for your home equity line of credit. This is financial adviser Patrick Munro.


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