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Home equity lines of credit
(home equity loans) are being used by many homeowners like you who are borrowing
against there home equity with home equity loans, home equity line of
credit ( "home equity credit lines " ), and home equity credit lines as a way to:
- Do a Debt Consolidation to
Lower Payments
- Pay for home improvements
- Pay for major purchases
- Buy a Car
- Pay for education costs
The mortgage interest from home
equity loans, home equity lines of credit and second mortgages is usually
tax-deductible* and it can even lower your monthly debt payments when doing
a debt consolidation home equity line of credit loan. We can lend up to 90% of your available equity, up to $250,000.
Home Equity
Line Of Credit vs Home Equity Loans?
Both a home equity line of credit (home equity credit line) and a home equity loan are secured by the
equity in your home. A home equity line of credit (home equity credit line) works like any other
revolving line of credit, and is very similar to a credit card. Since it's
flexible this allows a homeowner to write checks against the equity in
his/her home on an ongoing basis. And unlike a home equity loan, with a line
of credit you pay interest only when you use your funds.
What is the
APR on your home equity line of credit loans?
APR stands for annual percentage rate. It is the annualized cost of credit,
expressed as a percentage. The APR calculation considers certain fees to
reflect the cost of credit in addition to interest on home equity lines
of credit loans. Since we do not charge any application fees, the APR and our posted
home equity loan rate
are the same for all of the home equity credit lines, home equity loans,
home equity line of credit and second mortgages we offer.
What is LTV on a home equity line of credit loans?
LTV stands for loan-to-value, which is the ratio of total mortgage-related
debt to the property's value. For example, if your property is worth
$300,000, you owe $210,000 on the first mortgage and there's no second
mortgage, the LTV ratio is 70%.
Here is the LTV calculation:
In this example, the maximum
home equity line of credit amount could be up to $60,000 -- since we lend up to 90% ($270,000) of the property value ($300,000),
including the first mortgage and any other mortgage-related debt ($210,000.)
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The home equity line of credit loan process using Home
Equity Line of Credit Lender.com is as simple as 1,2,3! Below is what you
can expect.
1. The Home Equity Line
of Credit (home equity credit line) Loan Application
To complete our quick and easy home equity line of
credit
online application, you'll need:
- Your social security number
- Your mortgage balance, as
well as your monthly mortgage payment
- Your account number and
balance on any existing home equity loan or other second mortgage
2. The
Home Equity Line of Credit Loan
Decision
In most cases, we'll provide unconditional home equity
line of credit loan decisions the same day. There will be, however, a few
instances when our decision is conditional based on verifying your homes value
to insure you have enough home equity.
3. The
Home Equity Line of Credit Loan Closing
To close, you tell us the time that's most convenient.
We'll come to your home to close the home equity line of credit loan, 24/7.
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Home Equity Line of Credit
(home equity credit line) Loan Eligibility
Criteria
Following are the minimum criteria
that the borrower and/or property must meet for one to become eligible to
receive a home equity line of credit, second mortgage or home equity loans:
- There cannot be more than
two (2) owners of record of the property that will be used to secure the
home equity line of credit home equity loans.
- The borrower must be an
individual. We do not lend home equity loans, home equity line of credit,
or second mortgages, to trusts, partnerships or corporations.
- The borrower(s) may not
carry multiple home equity loans or home equity line of credit, from our lender on one property.
- The sum of all home equity
loans and home equity line or credit
financed by our lender against the borrower(s) collateral property(s) may
not exceed a total dollar amount of $300,000.
- The property being used to
secure the home equity line of credit must be a primary residence or true
vacation/second home. We do not lend home equity line of credit or home
equity loans on investment or income-producing
properties.
- The property used to secure
home equity line of credit, home equity loans must be a one- to two-unit property.
- The property used to secure
the home equity line of credit, home equity loans must be permanently attached to real property. We do not lend on
mobile homes.
- The borrower must be a US
citizen or permanent resident alien.
- The property must be
located in the United States except Alaska, Hawaii and Texas for us to lend a home equity line of
credit, home equity loans, or second mortgages.
- The home equity line of
credit home equity loan must
be in second lien position at closing. Any existing liens on the property
used to secure the home equity line, other than the first mortgage, must
be paid prior to or with the proceeds from the home equity line of credit.
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Credit
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*Consult your tax
advisor. Additional fee's may
apply. ** Based on minimum required payment of
interest only at 6.25% APR on 6/6/05
* No closing costs options for home equity line of credit available
dependant on HELOC loan amount and qualifications and requires
initial draw of entire line of credit. Maximum lender fees up to
$1,000. County Tax recordation fees may apply.
Annual percentage rate may vary;
maximum APR 18%; mortgage and state tax may be borrower's responsibility.
Variable rate based on Wall Street Journal Prime rate, currently 6.25% APR
as of 3/24/05.
Subject to automated home equity line of credit underwriting
loan approval. URL.biz - Real Estate |