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NMLS #665220
A home equity loan may have a variable interest rate or a fixed interest rate. Proceeds can be used for home remodeling, tuition, bill consolidation, etc. You can even refinance your current mortgage to get a lower rate and get rid of PMI (Private Mortgage Insurance). You may choose a Home Equity fixed rate loan and receive your funds in a lump sum or a Home Equity Line of Credit, a variable interest rate loan that has the flexibility to draw funds on the line of credit upon request.
Fixed Rate Loan Product
- Terms available up to 15 years
- Home equity loans available up to 90% (for qualified borrowers) of the value of your home, less current mortgage balance is available for a home equity loan
- Lump sum distribution of loan proceeds at closing
- No closing costs to qualified borrowers
- Fixed payment, term and interest rate
- May be tax-deductible (Consult your tax advisor)
Home Equity Line of Credit
- Variable rate – Prime Rate (no margin)
- Floor is 4.00% APR and Ceiling is 12.00% APR’s
- Home equity loans available up to 90% (for qualified borrowers) of the value of your home, less current mortgage balance is available for a home equity loan
- Has a 10 year draw and a 10 year repayment schedule
- No closing costs to qualified borrowers
- May be tax deductible (Consult your tax advisor)
