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A line of credit does not have a fixed time period such as other loans. It’s an adaptive way to get cash when you require it without having to re-apply.

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9y ago

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Why would someone need an equity line of credit?

Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.


Why would I need a line of credit?

A person would need a line of credit if they wanted to take out a 'personal' loan, maybe for cosmetic surgery or dental implants, or anything you may need and not have the cash for.


What documents do you need for a Home Equity Line of Credit (HELOC)?

To apply for a Home Equity Line of Credit (HELOC), you typically need documents such as proof of income, credit score, property appraisal, mortgage statement, and identification.


Can you have Medicare in NJ and move to Va and keep Medicare or do you need to reapply?

Medicare is a Federal program; there is no need to reapply when you move - just let SSA know of your new address.


How long do you need to reapply sunblock?

It depends how strong the sunblock is.


Where can one find a comparison of rates for an equity line of credit?

A home equity line of credit is revolving, variable-rate line of credit that uses your home as collateral. You can use the money whenever you need it, with no fixed schedule, and you will pay interest monthly.


Do you need a line of credit to rent a house?

Yes ... or a co-signer will be required.


Will I Need Personal Guarantee On Loan Or Credit Line?

Your guarantee might be needed with respect to the type and size of the credit request.


What documents do I need to provide in order to apply for a Home Equity Line of Credit (HELOC)?

To apply for a Home Equity Line of Credit (HELOC), you typically need to provide documents such as proof of income, tax returns, credit score, property appraisal, and information about your existing mortgage.


How does a line of credit work?

A line of credit is basically a loan that you only draw on periodically as you need it. Lending institutions, such as banks, will open them for you or your business based on your credit worthiness and charge you interest on the outstanding balance. It doesn't usually cost anything to have a line of credit, but you will have to pay it back with interest once you draw on it.