A HELOC is essentially an acronym for Home Equity Line of Credit, or more widely known as a home equity line. A HELOC is a line of credit, offered to the homeowner, through which the borrower’s home is held as collateral.
Once a loan balance has accumulated, the borrower may choose to draw the amount from the line of credit. The borrower can use the line of credit during the draw period after which the repayment period begins. During this period, the borrower must repay the loan balance. The length of a HELOC repayment term can be anywhere from less than five years to over twenty years.
Why choose TheNotarySpot
As a mobile notary service, we offer notaries who can reach your borrower's desired location, instead of them having to travel to the lender's office or a title company. Our experienced notary agents will be able to provide a knowledgeable and confident closing experience for your borrowers.
The notary agents working for us have passed strict background checks and they will maintain confidentiality. We thoroughly review all the documentation, to ensure that nothing is overlooked.