What's Next?
 Get Lower Rate Offers Let lenders Compete for Your Loan Save Thousands on your Mortgage
|
What Are Your Mortgage Needs?
Tell Us About Your Property
Do you prefer a loan or a line of credit?
Home Equity Loan
– (also known as a Second Mortgage) Works similar to a standard mortgage. You borrow
an upfront lump sum (secured by your property) and then repay it back over time.
Repayment periods are often shorter than with first mortgages and could be anywhere
from 5 – 15 years, depending on the terms of the agreement.
|
Line of Credit
– (also known as a Home Equity Line of Credit or HELOC) A HELOC allows you to borrow
up to a certain amount for a time limit set by the lender. Typically there is a
maximum credit limit (secured by your property), and you access funds using a credit
card or check. This type of loan has a revolving balance, and you have the flexibility
to choose when and how much credit to draw upon (per your agreement with the lender).
HELOCs may be variable–rate interest loans, so the monthly payments may vary over
time. Repayment periods vary, depending on how you decide to use your line of credit
and the time limit for the loan set by the lender.
|
Note
– Remember, like a first mortgage, Home Equity Loans and Lines of Credit require
you to use your home as collateral. As a result, the interest rate may be lower
than for other types of credit, and might even be tax–deductible. Consult with your
tax advisor.
|
Purpose of Home Equity Loan:
Property Use:
Estimated Home Value:
$
OK to estimate
1st Mortgage Balance:
$
OK to estimate
1st Mortgage Interest Rate:
OK to estimate
Existing Type of Rate:
2nd Mortgage Balance:
$
OK to estimate
2nd Mortgage Interest Rate:
OK to estimate
Desired Home Equity Loan or Loan Amount:
|