Finance
A North Dakota borrower seeking a home equity line of credit (HELOC) must have their home:
AFully paid off
BAppraised to determine available equity for the credit line✓ Correct
CApproved by the city
DInsured by the FHA
Explanation
A HELOC is secured by the home's equity. Lenders require an appraisal to determine the home's current market value, which then determines the maximum available line of credit (typically 80-85% of value minus existing mortgage balance).
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