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HELOC No Closing Costs                                                                                                                        

A HELOC with no closing costs has an interest rate tied to the Prime Rate and allows you to take equity from a property with no closing costs.  An interest only HELOC will lower your payment. For difficult to verify income, a stated income HELOC is available. You incur interest costs only on the money used. A HELOC with no closing costs is available with slightly higher rates but can be an excellent choice. Read about tax considerations of a HELOC. I am a Mortgage Broker specializing in HELOC products with no closing costs and have access to 700 lenders to make sure you get the best rate on your HELOC with no closing costs.

A major advantage of a HELOC with no closing costs is that your interest costs are tax deductible. A comparison between the after tax costs of the HELOC with no closing costs and any consumer loan should be done before any major purchase. Please give me a call if you need help with the calculation.

Our 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 with no closing costs is over 90% (combined first trust and HELOC) of the value of the property. Lenders will allow up to a 50% HELOC debt ratio with good credit. Please see the link below for more information on HELOC qualification ratios.

Common uses of a Heloc

  • Debt Consolidation HELOC. 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.
     

  • Purchase HELOC. If you are considering 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.
     

  • 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.
     

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

Read more about HELOC Closing Costs

I have page on how to calculate your HELOC qualification ratios.

I have a page on HELOC documentation requirements.

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 with the Prime Rate. 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.

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.