Home Equity Line of Credit

[vc_row full_width=”stretch_row”][vc_column][vc_column_text css=”.vc_custom_1673541957799{padding-top: 3% !important;padding-bottom: 3% !important;}”]

Revolving line of credit with a 10-year draw period followed by a 20-year repayment period.

[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content”][vc_column][vc_separator color=”custom” accent_color=”#eeeeee”][/vc_column][/vc_row][vc_row gap=”25″ equal_height=”yes” css=”.vc_custom_1585675698902{padding-top: 3% !important;}”][vc_column width=”1/3″][vc_single_image image=”3080″ alignment=”center”][vc_custom_heading text=”Loan Amounts” font_container=”tag:h2|font_size:1.5em|text_align:center|color:%230a2047″ use_theme_fonts=”yes” el_class=”feature-text”][vc_empty_space height=”10px”][vc_column_text]

Loan Amounts $50,000 – $500,000

Minimum line draw at closing is the greater of $50,000 or 50% of the total line size.

[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”3084″ alignment=”center”][vc_custom_heading text=”Credit Scores” font_container=”tag:h2|font_size:1.5em|text_align:center|color:%230a2047″ use_theme_fonts=”yes”][vc_empty_space height=”10px”][vc_column_text]

Minimum credit score 680. If more than one borrower, we will use the lowest middle score among all borrowers.

[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”3077″ alignment=”center”][vc_custom_heading text=”Property Types” font_container=”tag:h2|font_size:1.5em|text_align:center|color:%230a2047″ use_theme_fonts=”yes”][vc_empty_space height=”10px”][vc_column_text]

Single Family Home

Condominium

2-4 Unit Properties

[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content” content_placement=”middle” parallax=”content-moving-fade” parallax_image=”3453″ css=”.vc_custom_1585986392594{margin-top: 3% !important;}”][vc_column width=”1/2″ css=”.vc_custom_1572845174384{background-color: rgba(255,255,255,0.95) !important;*background-color: rgb(255,255,255) !important;}”][vc_column_text css=”.vc_custom_1673542190969{padding-top: 3% !important;padding-right: 8% !important;padding-bottom: 5% !important;padding-left: 8% !important;}”]

Why Get a Home Equity Line of Credit?

• Be able to pull funds only when you need to.
• Interest only mortgage payments are an option.
• Safety net for future large expenses, like weddings, vacations, schooling or home remodels.
• Allows you to pull cash out of the home without touching the first mortgage (if you have a great interest rate on the first mortgage, you may not want to change that).

Qualifications

• Maximum Qualifying Ratios on these products are 45%
• Value: Appraisals are not required on a standalone HELOC (a refinance, not a purchase transaction) if the size is under $250,000. There will be an alternative appraisal product ordered that is much less expensive.

[/vc_column_text][/vc_column][vc_column width=”1/2″][/vc_column][/vc_row][vc_row full_width=”stretch_row_content” content_placement=”middle” parallax=”content-moving-fade” parallax_image=”3451″][vc_column width=”1/2″][/vc_column][vc_column width=”1/2″ css=”.vc_custom_1572845195964{background-color: rgba(255,255,255,0.95) !important;*background-color: rgb(255,255,255) !important;}”][vc_column_text css=”.vc_custom_1673542054374{padding-top: 3% !important;padding-right: 8% !important;padding-bottom: 5% !important;padding-left: 8% !important;}”]

Home Purchase

Down Payment Savings

By using a HELOC, you can put less payment down on your purchase transaction. A common set up is 10% down, 10% HELOC and 80% first mortgage. This is very helpful if you don’t have the full amount of cash for 20% down and want to avoid the additional cost of monthly mortgage insurance.

Mortgage Insurance (MI) Avoided

If you use a concurrent HELOC with your home purchase and your first mortgage is 80% loan to value or lower, you will avoid having any mortgage insurance on the first mortgage.[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content” content_placement=”middle” parallax=”content-moving-fade” parallax_image=”3454″][vc_column width=”1/2″ css=”.vc_custom_1572845174384{background-color: rgba(255,255,255,0.95) !important;*background-color: rgb(255,255,255) !important;}”][vc_column_text css=”.vc_custom_1670625927867{padding-top: 3% !important;padding-right: 8% !important;padding-bottom: 5% !important;padding-left: 8% !important;}”]

Refinance

Loan to Value

Maximum combined loan to value for a first mortgage and HELOC is 89.99%. Maximum loan size is $500,000 for a HELOC.

• Primary Residence: minimum 10.01% equity 1-4 units, 680 credit score & maximum $500,000 loan size.
• Second Home: minimum 20% equity 1 unit, and 700 credit score, maximum $500,000 loan size.

Cash-Out

The HELOC transaction will be considered a refinanced cash-out transaction. Whatever loan size your HELOC is, the minimum draw when the transaction closes is 50% of the line.[/vc_column_text][/vc_column][vc_column width=”1/2″][/vc_column][/vc_row]