Larger borrowed amounts come from Home Equity Lines of Credit, versus credit cards
Mortgage News - July 14, 2008
Did you know it's easier to get a larger borrowed amount from a home equity line of credit than it is from a credit card?
You can get a home equity loan 'line of credit' amount that's up to 100% of the equity that's in your home. Say you had a property worth $200,000: you could get a $40,000 line of credit, if you opted to take even just 20% of your home's equity out of your home in cash.
But, getting an initial limit of $40,000 with a credit card company is virtually impossible! Why?
With a credit card company, like MasterCard for example, their basic rule of thumb for most credit card applicants is to only initially give them a credit card limit that equals 20% of their income from the previous year: so you would have to make at lease $100,000 a year in order to get a credit card with a $20,000 limit.
But as long as you own a home, whether you completely own it, or have a mortgage on it that's partially paid off: it can be very easy to get a decent size 'line of credit' using a home equity loan.
Apply Online for a home equity mortgage loan today! Or, get more free information on home equity mortgage loans, by contacting The Mortgage Store Online's brokers. Just use the home equity contact form or call them at 1-866-880-2577
The Mortgage Store Online, Inc.
54 Vansittart Avenue
Woodstock, Ontario, Canada
Home Mortgages: Phone: 1-866-880-2577 - Fax: 1-866-270-1984
Commercial Mortgages: Phone: 1-866-674-0548 - Fax: 1-866-876-3956
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