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Consolidate Debt With California Home Equity Loan (heloc)
By Keith Hunt
Need to borrow money to pay off debts or make a major purchase? If the answer is yes a California home equity line of credit (HELOC) can be useful.

A California HELOC is a form of revolving credit secured by the equity in your home. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate fluctuates (typically monthly).

With a California home equity loan the homeowner is approved for a specific amount of credit - the maximum amount that may be borrowed at any one time under the plan. In determining the credit limit, income, debts, credit history and other financial obligations will be reviewed.

An appraisal will be required on home to determine the home's market value. The credit limit will be based on a percentage of the home's appraised value, which is then subtracted from the balance owed on the existing mortgage.

When taking a California home equity loan, the home owner pays for many of the same expenses as when the financing of the original mortgage, such as an application fee, title search, appraisal, attorneys' fees, and points

(a percentage of the amount borrowed).

Most California home equity loans have a fixed period (5, 10, even 20 years) during which the home owner can borrow money. Typically, special checks or a credit card is issued to draw on home equite line. Minimum payments are required each month - usually the interest that accrued during the draw period. However, the interest paid is usually tax deductible.

At the end of the "draw period," the home owner is required to pay off the California home equity loan, making monthly payments on the principal and interest.

For more information on California home equity loans call 866 398 4664 or go to

GoldMedalMortgage.com provides mortgage services through partners including California home equity loans, downpayment assistance, home buyer grants, zero down mortgage loans for California first time home buyers. Poor credit OK.For more information please call 866 398 4664 or go to www.goldmedalmortgage.com

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