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Equity Line of Credit                                                                                                                             

An equity line of credit or HELOC usually has a floating interest rate tied to the Prime Rate and allows you to take equity out of a property. You incur interest costs only on the money taken out with an equity line of credit. An equity line of credit can be a good choice if your needs are expected to be episodic.  An interest only Equity Line of Credit will lower your payment. For difficult to verify income, a stated income Equity Line of Credit is available. You incur interest costs only on the money used. An equity line of credit with no closing costs is available as well. Please feel free to email me with any questions about an equity line of credit

An advantage of the equity line of credit is that your interest costs are generally tax deductible. A comparison between the after tax costs of the equity line of credit and any consumer loan should be done before any major purchase. Please give me a call if you need help with the calculation.

We can lend up to 100% of the value of your home but understand that the interest rate will be somewhat higher if your equity line of credit is over 90%(combined first trust and equity line of credit) of the value of the property. We will allow up to a 50% Debt to Income ratio (DTI) with good credit. Please see the link below for more information on qualification ratios.

Common uses of a Equity Line Of Credit

  • Debt Consolidation. If your other debt is too much you may dramatically reduce your monthly payments. See the calculator below for an idea of how much you could save.

  • Finance a Major Purchase. If a new car or boat is in your future, you may want to compare payments.

  • Children's Education. Many people find a HELOC the most logical way to pay for their children's education. Exactly what I did when my son went to college and I saved a lot of money compared to any other option.

  • Property Purchase. If you are considering either an investment in income producing real estate or a vacation home, it may make more sense to unlock the equity in your home rather than move the cash from other investments which are doing well for you. Please see my pages on Investment Property or Vacation Homes for more information.

I have included a page on how to calculate your equity line of credit qualification ratios.

I have included a page on equity line of credit documentation requirements.

Learn more about the tax considerations of home equity loans

Read more about Equity Line of Credit Closing Costs

Learn about the differences between home equity loans and lines

We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. 

The new Asset Manager is a creative mortgage which gives you complete control over your mortgage as well.

* I have included a section on the new Cash Flow ARMS. A LIBOR based product which gives you complete flexibility in managing your mortgage.

Search the site for more information.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.