Home Equity Loan Quote

If you need to borrow money to pay off debts or make a major purchase, a home equity loan or line of credit (HELOC) can be useful. When looking for a home equity loan or line of credit you may be wondering "how much loan do I qualify for" and "can I qualify for enough to pay off the bills that have been piling up". Apply online and we'll do the right loan for you.

 Or call us at 1-866-771-1594 for a FREE mortgage quote.                                                 

 Home equity loans and lines of credit (HELOC) are a great way to access the equity that you have in your home without refinancing your first mortgage. This can be a great option if you have a very low rate on your first mortgage and want to get a small amount of cash out. On a home equity loan you are approved for a certain amount (say $25,000) and you receive all of the funds at the closing. The home equity loan will be  at a fixed interest rate so that you don't have to worry about the interest rate changing during the term of your loan.  With this loan you will make a monthly payment that will include both principal and interest for a set term which is usually anywhere from 5 to 20 years. This loan is a good choice if you don't want to have to constantly worry about the changing interest rates.

We also offer a home equity line of credit or HELOC. This loan would be at a variable interest rate which is subject to change whenever you hear about  Ben S. Bernanke, Chairman of the Federal Reserve Board, raising or lowering the prime rate. The prime rate is the rate that Banks charge each other to lend money overnight. On a HELOC your interest rate is usually prime plus an interest rate percentage which can very anywhere from .50 pt to 3 pts above the prime rate.  The interest rate that you receive will depend on several factors which include your credit score, amount of the loan and combined loan to value*.

With the home equity line of credit you are approved for a certain amount and can chose to access all or part of the funds at closing. Either way you will be provided with a checkbook or credit card and as you need to access funds you just write a check or swipe a credit card.  Once you access the funds you will be billed interest only payments. If you would like to pay towards the principal you may do so at anytime. The term of the HELOC is usually 10 yrs. At that time the loan would be due and payable so you would either need to pay it off or take out another line of credit to pay it off.

The HELOC is an excellent choice for someone that doesn't need the funds right away but wants to be able to have access to the funds if needed as you don't make any payments until you actually access the account. It is also great for someone that wants to have the lowest monthly payment and thinks that they may be selling their home in the next 2-3 years.

There are usually closing costs with either the HELOC or the home equity loan.  Most lenders will offer a no closing cost option which will be at a little bit higher interest rate to make up for the closing costs that they would have charged or will have a prepayment penalty if you close it within 2-3 yrs.

*Combined loan to value: If you have more than one mortgage out on your property, the amount of the two mortgage principals combined and divided by the appraised value of your home (or sales price if the sales price is less than the appraisal amount) is your combined loan to value, or CLTV.

Call us for the current rates in your State.

1-866-771-1594