Full Loan Application on our Secure Server
Equity Line of Credit
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A First Equity Line of Credit (SM) enables you to write yourself loans
(by writing individual checks) for varying amounts up to your credit limit.
Your credit limit is determined by taking 80% (70% for credit limits exceeding
$100,000) of your home's appraised value and subtracting your existing
mortgage balance. You can use your line of credit for almost any purpose, and
you pay interest only on your outstanding balance.
With a First Equity Line of Credit (SM), you benefit from a variable rate of interest that reflects current economic conditions. You are not locked into a long-term, fixed interest rate. The interest you pay may also be tax deductible. Being a homeowner you may qualify for many loan options that will allow you to release the trapped equity in your home. This could give you the money needed to consolidate your high interest credit card bills, giving you one simple payment that will save you money every month. This may give you a tax advantage, check with your tax advisor for details. You may also get money for home improvements, education or a new car. You can borrow up to 125% above the current value of your home. Example: Your home value is $100,000. You owe $90,000. 125% of $100,000 is $125,000. $125,000 less the current mortgage of $90,000 gives you a borrowing power of $35,000. Please E-Mail or use the On-line Preliminary Loan Application or Full Loan Application on our Secure Server to see how easy it is to borrow against the equity in your home. We finance the closing costs into your loan so you will not need money at closing. You may be able to get your money within 15 days of your application. For further information please E-Mail, or complete our on-line application. |
