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Home Equity Loans
For homeowners who need a lump sum of money or a revolving credit line to pay specific costs such as college tuition, medical expenses, reducing non-deductible credit card debt, vacations, investments, etc., some home equity options make more sense than refinancing.
Home equity options are usually based on a given percentage of your home's value, minus your remaining mortgage balance. For example, if your home's value is appraised at $150,000, then 80 percent of that total would be $120,000. If your remaining balance mortgage is $80,000, the result would be $40,000 of available equity. (Note: we offer equity loans up to 125% percent of your home's loan-to-value ratio.) As with any loan, the actual loan amount and rate may vary depending on your credit history, outstanding debts and income.
Wouldn't it be great to bring all those high interest consumer and credit card bills together, slash the interest rates, and then write one check for a much lower total? This is being done everyday by our clients.
Interest rates may be variable, and because the home stands as collateral, interest is also tax-deductible.* That's more good news.
The three basic types of equity loans are described below:
Home Equity Line Of Credit (HELOC)
These loans are good for when you are not sure how much money you will need, such as home improvements or other expenses which may not have a fixed cost. You can typically obtain a HELOC for up to 95% of the combined loan to value of your home. You may take money at closing, or just open the line. Either way, you will receive a checkbook after closing. When you need additional funds, you just write a check. You are only charged interest based on your outstanding balance. Call us for more details.
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Fixed Rate Second Loan
These are traditional fixed-rate loans that work well if you need a lump sum of cash to buy something specific or pay something off, such as college tuition, medical expenses, or consolidate credit debts. These loans usually have fixed rates and the payments are amortized over 10 to 30 years, resulting in full repayment by the end of the loan term. Call us for more details.
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125% Loan or High LTV Loan
Sometimes there is no equity in your home, yet you could still benefit from consolidating debts and/or getting some cash out for something. At those times, a high LTV loan is in order. These rates are usually fixed and range from a 10 to a 25 year fully amortized loan. There are some restrictions, so call us for more details.
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* See a tax advisor regarding deductibility and your specific savings.
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