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Refinance

Home Equity Line of Credit                                                                                                                             

A home equity line of credit or HELOC has an interest rate tied to the Prime Rate and allows you to take home equity out of a property. You incur interest costs only on the home equity taken out with your home equity line of credit. A home equity line of credit is a good choice if your needs are expected to be episodic.  An interest only Home Equity Line of Credit will lower your payment. For difficult to verify income, a stated income Home Equity Line of Credit is available.  A home equity line of credit with no closing costs is available. A home equity line of credit will often close quickly. Email Home Equity Line of Credit questions

An advantage of the home equity line of credit is that interest costs are generally 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.

We can lend up to 100% of the home equity in your home but understand that the interest rate will be somewhat higher if your home equity line of credit is over 90%(combined first 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 ratios.

Common uses of a Home Equity Line

• 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 best way to pay for their children's education. Exactly what I did when my son went to college and I saved money compared to other options.

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

I have included a page on how to calculate your qualification ratios.

I have included a page on documentation requirements.

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. 

* 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 program 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.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

I hope the information on this page was useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well.  Your email address will never be used for any other purpose.

Prequalify for your Home Equity Line of Credit