HELOC Loans for Houses
HELOC loans for houses (Home Equity Line of Credit) have an interest rate tied to the Prime Rate and allows you to take equity from a house. An interest only HELOC will lower your payment. For difficult to verify income, stated income HELOC loans for houses are available. You incur interest costs with your HELOC only on the money used. HELOC loans for houses with no closing costs are also available.
An advantage of a HELOC is that your HELOC interest costs are generally tax deductible. A comparison between the after tax costs of the HELOC and any consumer loan should be done before any major purchase.
Our HELOC lenders can lend up to 100% of the value of your home but understand that the interest rate will be somewhat higher if your HELOC is over 90%(combined first trust and HELOC) of the value of the property. Our HELOC lenders will allow up to a 50% HELOC debt ratio with good credit. Please email me with any questions about your HELOC
Common uses of a HELOC
I have page on how to calculate your HELOC loans for housesqualification ratios.
I have a page on HELOC documentation requirements.
Read more about HELOC Closing Costs
Learn about the differences between home equity loans and lines
We offer the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. There are programs for owner occupied, investment property and vacation homes. They can be either fixed rate ( often described as a HELOAN) or variable. If you choose a fixed rate product, the loan will amortize over a 30 year term while the variable rate product is typically interest only for 10 years and then becomes fully amortizing.
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.
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HELOC loans for houses