Home Equity Lines of Credit

Home Equity Lines of Credit allow the flexibility to borrow only what is needed when it is needed.  No interest payments are paid on money that is not used. The variable interest rate is based on the prime interest rate posted in the Wall Street Journal.  Rates will depend on credit limit, credit qualifications, and loan-to-value ratio.

• Credit Line Up to $200,000
• 10 Year Draw Period
• Repayment Period up to 240 Months (20 years) that is an additional 10 Years beyond the 10 Year Draw Period
• Low Minimum Payments
• Check and Home Equity VISA Credit Card Access
• Competitive Variable Low Rates
• Fast and Easy Approval Process
• No Prepayment Penalty and No Early Termination Penalties if HELOC is kept open for one year or more
• No Minimum Draw Required
• No Annual Fee
• No Transaction Fees
• Potential Tax Savings
• Up to 100% Loan to Value (LTV) Ratio

Home Equity Loans

Home Equity Loans or Fixed Second Mortgages allow you to borrow what you need with a fixed rate and payment for the life of the loan. The rate for the loan will depend on credit limit, credit qualifications, and loan-to-value ratio.

• Loans up to $200,000
• Terms from 5 Years to 15 Years – You choose the length of your loan!
• Competitive Low Fixed Rates
• Fast and Easy Approval Process
• No Prepayment Penalty and No Early Termination Penalties if HEL is kept open for one year or more
• Potential Tax Savings
• Up to 100% Loan to Value (LTV) Ratio
• Low Minimum Payments

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Smart Money Tip – Home Equity Lines of Credit (HELOC) and Home Equity Loans are great ways to utilize the value of your home to manage your financial plans. Some people choose to utilize the value in their home to consolidate bills, to purchase vehicles, to pay for educational expenses, or other life events such as a wedding or home remodeling.

Smart Money Tip – When taking out a Home Equity Line of Credit (HELOC)  consider purchasing Life or Disability Insurance. These insurance policies will pay on your line of credit in the event of your death or if disabled. The premiums are included with your monthly payments.

Smart Money Tip – Find out as much information as you can about the real estate market in the area of your choice.  Zillow.com helps people make intelligent decisions about their homes – whether it’s buying a home, selling, renting, leasing, remodeling or financing – it’s all about empowering people with information.  Zillow.com is a leading online real estate marketplace dedicated to helping find and share vital information about homes, real estate, and mortgages.