Home Equity Line Of Credit (HELOC)
HELOC is an acronym for Home Equity Line Of Credit. HELOCs are very popular because they allow you to draw on them for a specific period of years. This means that you can borrow on it, and after you repay some or all of the money, you can borrow again. Also the payments are very low because they are based on interest only payments. Most HELOCS are based on the prime interest rate plus a margin. This means that the interest rate is adjustable. We can normally lend 85% of the value of your home.
- Free up your home's equity
- Cash out up 85%.
- Equity Lines or Fixed Seconds.
- No Closing Cost option.
Debt Consolidation |
Reduce your monthly debt by paying off your credit cards or other debt. Usually this is a good way to increase your tax write offs. Check with you accountant for specific tax deductibility. |
Purchase money |
Popular for the 80/5 products. Combine a 5% HELOC (or second) with a 80% first and it will keep you from having Mortgage Insurance. |
Cash out |
Take a vacation, remodel your kitchen, pay for college. Do with it what you please |
