A good mortgage broker can determine how much house you can afford. See why in this video on buying a home.Expert: Brett Staggs Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Filmmaker: Dana Glover

Finance Director gives expert advice on the hidden cost of using credit cards, and how to avoid paying sky high interest! Please Note: This video does not in any way constitute personal Financial Advice – just very useful general principles!

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Online Home Equity Lines Of Credit

There are many online lenders who offer the best rates in the industry on new home equity lines of credit. A home equity line of credit is typically very easy to obtain because there is little, if any, risk to the lender when they approve you. Because you are asking them to use the equity you have built up in your home over the years to secure your home equity line of credit, each lender has their own formula to decide how much you can borrow.

Borrowing Limits

For example, if your mortgage is $100,000, many lenders will consider loaning you 75% of your home’s value. To figure your credit line, your lender may say $75,000 minus the $40,000 you have remaining on your mortgage equals a credit line of $35,000. Each lender’s requirements will be slightly different, so finding the one that best suits your current needs can be best accomplished by doing a bit of research online via the Internet.

You can consider your home equity line of credit as a revolving credit account, backed up with your home as the collateral. As such, your lender will also consider your creditworthiness or ability to repay your home equity line of credit by taking into account certain things like your income as well as other financial debts that you have the responsibility to repay in addition to what you would have to pay each month to them.

Draw Periods Of Up To Ten Years

You can typically use your home equity line of credit for as long as ten years. At the end of this period, which is known as the draw period, you will most likely have the option to renew your credit line. When shopping for your home equity line of credit, try to find a lender who does offer a renewal option.

To receive the proceeds of your home equity line of credit, you may be issued a card – much like a debit or credit card, upon which you can take cash advances or make purchases. You will most likely be given checks that you can use just like a regular check to pay for things you need to buy.

Be a cautious borrower when you are approved for your home equity line of credit. This is a debt that you will be paying on for many years. Make sure that you can justify paying for things that you purchase in the long term. Also, making timely payments on your home equity line of credit will help you build an even stronger credit profile.