Home Equity Line of Credit Loan

Are you deciding on what Spring projects to do this year?

If you’ve invested in a property, you can access money you’ve already worked hard to earn. A home equity line of credit may be your solution on how you can make those ideas happen. 

What is a Home Equity Line of Credit?

A home equity line of credit, or HELOC, is a type of mortgage loan that allows you to access cash against the value of your home. Unlike a conventional mortgage loan, which provides you with a lump sum, a HELOC is a flexible, revolving source of funds that you may access as you choose, much like a credit card.  The amount of your HELOC is calculated by the appraised value of your home and the percentage of appraised value your lender will lend. With property values increasing over the past year, now is the perfect time to get a current evaluation. Depending on the lender, interest rates can be fixed or variable throughout the loan, which often consists of two phases: a draw period phase and the repayment phase. The draw period, when you will access the funds, requires a small percentage of your loan balance for a monthly payment. During the second phase, you will no longer draw on your funds but focus entirely on paying back the loan with larger payments. 

Contact us to discuss your options or send us your online application to conveniently get the process started.