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Home Equity Line of Credit                                                                                                                             

A home equity line of credit or HELOC has a floating interest rate tied to the Prime Rate and allows you to take home equity out of a property. Of course, you incur interest costs only on the home equity taken out. A Home equity line of credit can be a good choice if your needs are expected to be episodic.

An advantage of the home equity line of credit is that your interest costs are usually tax deductible. A comparison between the after tax costs of the home 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 your home equity but understand that the interest rate will be somewhat higher if your home equity line of credit is over 90%(combined first trust and home equity line of credit) of the value of the property. We will allow up to a 50%home equity line of credit Debt to Income ratio (DTI) with good credit. Please see the link below for more information on home equity line of credit qualification ratios.

Common uses of a Home Equity Line Of Credit

  • Debt Consolidation Home Equity Line of Credit. 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.

Read more about Home Equity Line of Credit Closing Costs

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

I have included a page on Home Equity Line of Credit documentation requirements.

Stated Income Home Equity Line of Credit products are readily available

Learn more about the tax considerations of home equity loans

Learn about the differences between home equity loans and lines

Looking for a commercial equity loan?

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

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

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

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.