Access your homes equity Lines of Credit or Home Equity Lines of Credit (HELOC)
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use to consolidate higher-interest credit cards, upgrade your home and access cash for the important thing in life like home upgrades or kid college funds. Lines of Credits are second mortgages, allowing you to leave your first mortgage alone.
HELOC
Typically the length of the HELOC is 30 years. You have an initial draw period of anywhere from 3 to 10 years whereby you can write checks against the line. After the draw period, you enter into a repayment period whereby you will repay the principal and interest on the remaining balance over 20 to 27 years, depending on the line you choose .
- Owner occupied, second homes and investment properties
- Cash out up to 89% of your properties value
- Adjust with the Prime rate
Fixed Rate Second Mortgages
Can be used to consolidate high interest debt and get cash out.. A fixed rate second mortagege can be paid off anywhere from 10 to 30 years. Leave your first alone.- Rate is fixed for the term of the loan
- Get cash up front
- Owner Occupied, second homes or rentals
- Can borrow up to 89% of your property value
