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Home equity line of credit -
No Closing Costs
No closing costs - lender pays for appraisal fee, notary fee, escrow fee, title fee, and recording!
If you need to borrow money to pay off debts or make a major purchase, a home equity line of credit (HELOC) can be useful. A HELOC is a form of revolving credit secured by the equity in your home. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate fluctuates (typically monthly).
With a HELOC, your lender will approve you for a specific amount of credit - the maximum amount you may borrow at any one time under the plan. In determining your credit limit, your income, debts, credit history and other financial obligations will be reviewed. An appraisal will be required on your home to determine the home's market value. Your credit limit will be based on a percentage of your home's appraised value, which is then subtracted from the balance owed on your existing mortgage.
Most HELOCs have a fixed period (5, 10, even 20 years) during which you can borrow money. Typically, you will use special checks or a credit card to draw on your line. You will be required to make a minimum payment each month – usually the interest that accrued during the draw period. However, the interest you pay is usually tax deductible. At the end of your "draw period," you will be required to pay off the loan, making monthly payments on the principal and interest. |
NOW, is the time to get a home equity line of credit! Why a heloc?
......think flexibility!
- You may not require usage of the entire loan amount, but you want future access to the funds
– are you thinking of remodeling this year, or buying a 2nd home or investment property this summer?
- Minimum payments each month
- payments are interest only for first 10 years
- Large principal reduction payments will lower the required monthly payment
- No upfront closing costs!
- FREE fixed rate lock option on every heloc
- you may choose to lock a fixed interest rate on the “used” part of line
– up to 5 locks at any one time
Rates start as low as Prime - .25% for the No Closing Cost program.
IF YOU'RE PURCHASING A HOME ABOVE $417,000 SPLIT YOUR JUMBO LOAN AMOUNT INTO A CONFORMING 1ST WITH A 2ND BEHIND IT!
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