Home Equity Lines Of Credit are offered to customer that either already have a 1st mortgage with us or are purchasing a home in which we will be the mortgage lender.
- Primary Residence and 2nd Homes
- 90% Combined Loan to Value
- Single Family Homes, Townhouses and Condominiums
- Minimum $25,000.00
- Maximum $500,000.00
- Minimum credit Score is based on Primary wage earner
- Minimum credit score is 680 for Primary residence 700 for 2nd Homes
- Income from non-occupant co-borrower is allowed
+ -Financial flexibility
- Low closing costs
- Tax advantages
- Avoid Mortgage Insurance
- No restrictions on use of funds
+ -HELOC benefits include:
- Competitive rates plus flexible payments
- For the first 10 years, pay as little as the monthly interest payment or as much as you want
- Once you’re approved, only borrow what you need, when you need it, and only pay interest on what you borrow
- The ability to tap into your home equity without losing your current first mortgage rates.
- Interest may be tax deductible. Consult your tax advisor on the deductibility of interest and charges documents are signed, there is a three-day ”right of rescission” period. This means that even though the closing has taken place, the applicant can still cancel the loan with no penalty for three business days after the closing. The three-day “right of rescission” period does not apply to the HECM for Purchase Product. Following the right of rescission period, the title company will issue a check or wire the funds to the borrower’s account. If the applicant was using the reverse mortgage proceeds to pay off an existing mortgage, the title company will also send the mortgage payoff amount to the lender.