This is one of the more popular ways of borrowing money against your property.
The property on which the lien is given MUST be your principal place of residence, and the new loan, when combined with the first mortgage balance, can equal up to as high as 90% of your home's appraised value. In addition we also have Interest Only and No Closing cost options available.
Remember, Mortgage interest is normally tax deductible. Check with your tax advisor.
Home Equity Lines of Credit are variable rate loans based on an independent index (the "index"), which is the Wall Street Journal Prime Rate 30 days before the date of any annual percentage rate adjustment. To determine the periodic rate that will apply to your account we add a margin determined at the time of application by your FICO Score to the value of the index. Then we divide this sum by the number of days in a year (365). To obtain the annual percentage rate we will multiply the periodic rate by the number of days in a year (365). The result is the annual percentage rate. The Annual Percentage Rate may change quarterly on the first day of January, April, July and October. There is no limit on the amount by which the annual percentage rate can change during any one year period. The maximum ANNUAL PERCENTAGE RATE that can apply is 18% or the maximum permitted by law, which ever is less.
We do business in accordance with the federal Fair Housing Law and the Equal Credit Opportunity Act.
