Frequently Asked Questions

HELOC: Home Equity Line Of Credit FAQ

HELOC: Home Equity Line of Credit FAQs

What is a HELOC?

A HELOC: Home Equity Line Of Credit is a mortgage that allows you to borrow against the value in your home. Therefore, when you get a HELOC loan, you establish a revolving line of credit secured by your home. You can use HELOCs for large expenses or to consolidate higher interest rate debt such as credit cards or installment loans.

How is the Lendage HELOC different?

Firstly, traditional HELOCs are complicated, with a set of rates that can change frequently. This can make it hard to understand how much you are really paying for credit. Secondly, traditional HELOCs may use “teaser rates” that can mislead borrowers into taking on more debt than they should. Thirdly, with a traditional HELOC, you may be faced with “payment shock.” This is because your payments can suddenly increase significantly, or you may be required to pay off your balance all at once. Finally, traditional HELOCs may result in borrowers getting further into debt.

How much can I borrow?

Our program offers HELOCs up to $150,000. The amount you can borrow depends on your specific circumstances. When you apply for a Lendage HELOC, we take the time to talk with you about your debts, income, and needs, so that we can determine a borrowing amount and payment that is right for you.

What are the interest rates for a Lendage HELOC?

Interest rates will be dependent on multiple different factors. Please call us at (844) 606-9533 to talk to our professional mortgage advisors or apply online for specific rate details. If you are in the market for credit, a home equity plan is one of several options that might be right for you.

What you should know about HELOCs

Click the button below to download an information booklet from the Consumer Financial Protection Bureau (CFPB) about HELOCs.

See also: Consumer Financial Protection Bureau HELOC Brochure