Home Equity Line of Credit - Lenders and Mortgage brokers call these HELOCS. They are open-end mortgages that are usually held in 2nd position.  Home equity lines work a lot like credit cards, because it is a revolving credit line. If you have a $75,000 equity line of credit, and you use $40,000, then you have $35,000 available. 

You only pay interest on the amount of funds that you access. Equity lines offers low monthly payments with only the interest due monthly for the draw period.  Most Home equity lenders offer credit lines with draw periods ranging from five to fifteen years. After the draw period, whatever balance is remaining is transferred to an installment loan for an additional 10-20 years.

Most mortgage brokers and lenders include checkbooks and credit cards with each revolving equity line accounts.  Minimum draw amounts may be required and early termination fees can be applicable, depending upon state laws, and lender guidelines.

If you are looking to use the equity in your home for any of the following reasons below, a HELOC may be perfect for your financing needs:

  • Fund home construction projects
  • Pay off high-interest credit card balances
  • Pay for a dream vacation to see Rome or Paris

Don't miss out on these historically low interest rates! We can help you find the ideal Home Equity Loan to fit your unique credit history and financial goals! Apply today and get on the path to financial freedom!

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  • No Equity required for debt consolidation or home improvements!
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  • Cash out for debt consolidation, home improvements, investing, education, etc.
  • Fixed interest loans with fixed terms.
  • Variable rate revolving credit
  • Less than perfect credit OK
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