Reply
New Visitor
chandramf
Posts: 1
Registered: ‎11-16-2012
0

High vs Low Limit HELOC

What is the benchmark/limit for Low vs a High limit HELOC. I have read in some places that anything $25000 and above qualifies as "High Balance", and in some other places that $50,000 and above qualifies as "High Balance", and more numbers in other places ...

 

Do you guys know?

Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
0

Re: High vs Low Limit HELOC

I believe it has more to do with the percent equity you will have used up. There are hight LTV and low LTV HELOC's. The high starts at like 85% LTV. This varies a llittle bit. The thing you will see vary with the amount you borrow is the Interest rate for the loan. Borrow more because your equity is higher and you will save a bit on your interest rate.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+