HELOC and HELOAN

HELOC or Home Equity Line of Credit loans are 2nd mortgages that give you a 'checkbook' with which to access the funds on the line. You pay interest on the amount you have taken out, not the full amount available.  Some features are:

• Up to 89.00% CLTV on primary and second homes
• Up to 80% CLTV on Investment
• SFR, Condo, 1-4 family, PUD properties
• 620 minimum credit score
• available in 3, 5 and 10 year draw periods followed by a 20 year repayment period

HELOAN, or Home Equity Loans are a fixed rate loan that is taken out at out at one time.  You make principal and interest payments on it from the beginning.  

• Up to 89% on primary residence
• Up to 80% on investment properties
• Usually a Fixed rate for a stable payment
• cannot re-borrow the funds as you can in a HELOC 

As always, if we cant provide you the best terms, we will find someone who can.  We also work with several local banks that offer very good terms for HELOC and HELOAN products.  They typically have higher credit score and lower debt ratio limits than we do, but can sometimes be a great option.  If we cant give you the loan that is best for you, we ill help you find someone who can!