For larger projects you want to pay for over a longer period of time, why not use your home’s equity? With a home equity line of credit, you only pay for what you use — when you need it. Your balance can be paid down and reused again, giving you maximum financial flexibility. The lowest cost of borrowing you have available can be accessed through a MeritLine, Libro’s home equity line of credit.
A home equity line of credit, also called a HELOC, is a secured form of revolving credit. The lender uses your home as a guarantee that you’ll pay back the money you borrow. As a revolving form of credit, you can borrow money, pay it back, and borrow it again, up to a maximum credit limit.
If you are a homeowner, you are eligible to borrow up to 65% of your home’s equity, or use that equity as collateral. Wondering what your home equity value is? You can find out by following this formula:
Your home’s market value less what you owe on the home (your mortgage amount).
Rates for a home equity line of credit vary depending on the Owner. The minimum Meritline rate would be the Libro Prime Rate plus 1.00% — contact a Libro Coach for more information.
To get started with a home equity line of credit, make an appointment with a Libro Coach. Your Coach discusses your renovation and financing needs and potential for a home assessment.