There are various types of loans that you can receive from your local bank. Mainly, loans are based on your financial security. That means loans are only issued to you if you bank is ensured that you can pay the issued amount on time with the assigned interest. But, if you are someone who is unable to get a loan based on your credit situation, you can refer to home line of credit and use the home line of credit calculator to estimate just how much finances you will be lent.
Home Line of Credit
Home Line of Credit is more specifically known as a second mortgage because this type of loan is secured by the property you own. Unlike your first home mortgages, however, these last for a shorter term period (Five to fifteen years maximum). Home Line of credit is functional similar to a credit card. You can borrow a certain amount for a time limit set by the creditor. And within the period, you pay back the borrowed amount with a set principal. In order to find out how much credit your property can provide you in loan, you can use a fixed home line of credit calculator.
How to use the Home Line of Credit Calculator?
The home line of credit calculator allows you to determine how much you can borrow according to the value bases of your property. To get an estimate with home line of credit calculator then, you must have the following information:
- The value of your house
- The amount you owe on home
- Type of residence
- Your property ZIP code
- The amount of line of credit you desire
- The amount you need right now
These six specifications will be entered into the home line of credit calculator, that you can visit on Bank of America’s website, to get an estimate. You can click here to use the home line of credit calculator yourself. Otherwise, contact Bank of America at 1-800-763-1392.