“Personal Line of Credit”
A personal line of credit is a set amount of money from which you can borrow for a given period of time. Just like a credit card, you draw from the available balance only the amount you need, and you pay interest on that amount.
There are many different ways to use a personal line of credit including refinancing student loan debt for example. Using a personal line of credit allows a borrower to pay off student loans from multiple lenders. It is also a good option for situations where expenses may be ongoing, like covering home projects such as repairs or upgrades. Taking advantage of a personal line of credit to cover home expenses is beneficial because how much you ultimately borrow is up to you (up to the limit of the line of credit), and you only pay interest on the money that you actually use.
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Flexible access to funds:
With a personal line of credit, the borrower has access to the overall limit of their loan throughout the draw period, which often lasts a number of years. This provides flexibility not only in the use of the funds but also when the money is actually used.
Pay interest only on what you use:
The beauty of a personal line of credit is that the borrower only owes interest on the money that they actually use from the loan, rather than paying interest on the overall loan amount available to them.
Reusable cash flow:
Assuming you abide by the lender’s terms, once you’ve paid back the amount borrowed from a personal line of credit, the full amount becomes available to borrow again, within the remaining timeframe of the original loan.
The 3 Most Important Numbers
When it comes to getting a lender’s approval to buy or refinance a home, there are 3 key numbers that affect your ability to qualify for a mortgage and how much it will cost you — your credit scoredebt-to-income ratio, and loan-to-value ratio.
Your loan-to-value ratio (LTV) is a way to measure how much equity you have in your home. The LTV is the percent you still need to put toward the principal to fully own your home. The higher your LTV, the more you’re borrowing from your lender.
Your debt-to-income ratio (DTI) helps lenders understand how much you can afford to pay for a mortgage each month given your existing monthly debt payments. Lenders add up what your monthly debt will be once you have your new home (e.g., monthly payments for student loans, car loans, credit card bills, etc. plus your future mortgage payment) and divide it by your gross monthly income (i.e., how much money you earn before taxes).
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