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Question

mannyboyl...

M$1 January 21, 2009 11:04 PM

How do I start a Home Equity Line of Credit?

Unlike many areas of the country, the home values in my neighborhood haven't crashed, and I think I have a good deal of equity in my home. I'm strapped for cash right now - how do I go about setting up a Home Equity Line of Credit

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jonceramic

January 21, 2009 11:44 PM

Find a local bank or credit union and say "I'd like a Home Equity Line of Credit."

They all have rate sheets and will be happy to check your credit report and see if you qualify.

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jonceramic

January 21, 2009 11:45 PM

Also, go to zillow.com, type your address, and get your rough home value estimate.

Then, get your mortgage statement and see how much you've got left to pay off.

Subtract the two, and that should tell you how much equity you roughly have.

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morriss003

January 22, 2009 12:51 AM

You can try bankrate.com
In the box on the right hand side are tabs. One of these is titled Home Equity. Click on that tab. You will see a list. The first two items are for a HELOC (home equity line of credit).
Source(s):
http://www.bankrate.com/brm/default.asp

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