HELOC & SECOND MORTGAGES

We do Home Equity Lines of Credit and Second Mortgages. Both of these loan types are second position loans.

A HELOC loan is a line of credit that can be drawn on as needed and then paid back. The maximum loan amount is set at the start. Interest rates are higher than first position loans. There are Credit restrictions and loan to value restrictions.

A home equity loan is a second mortgage. It is a fixed amount loan and fixed term loan. There are credit restrictions and loan to value restrictions. Interest rates are higher than your first position loan. Although there is no prepayment penalty you can not repay and then draw again. The payment is set and does not change.

These loans are useful today because many borrowers have low rate existing mortgage and they do not want to refinance. People use these loans for debt consolidation, paying off credit cards, and home improvements. We will help you to decide if these kind of loans fit your needs. Call us.