Home Equity Line of Credit (HELOC)

A HELOC is a line of credit that is secured by placing a lien against the property. The loan is based on available equity in the property. The HELOC is usually a second lien position loan, however, if the property is owned free and clear it can be set up in first lien position. HELOC’s generally have a draw period (usually 10 years). During the draw period payments are made on the outstanding balance as interest only payments. During this time you can withdraw and pay back lump sums on the loan. Once the draw period has ended the loan amortizes and principal and interest payments are made. The lender supplies a checkbook and/or ATM card for easy withdrawals.

We offer a variety of Home Equity programs including, no closing cost and low closing cost loans on primary residences, second homes and investment properties

Home Equity Loan (HELOAN)

A fixed rate loan, secured by a lien usually in second position on your home.  The loan amount is based on the available equity in the property.  The lender pays out a lump sum at closing for the full amount that is borrowed and principal and interest payments begin.  If you already have a second lien on the property it must be paid off with the new equity loan, so make sure you request sufficient funds to include the pay off.

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