Home Equity Line of Credit
Most often the best way to consolidate your high interest rate consumer loans or to pay for your home improvement project is a HELOC loan. Utilizing the equity in your house, you can pay-off your credit cards or make improvements which will further increase the value of your home.
The home equity line of credit is a 20 year loan which allows you to draw on your line of credit for up to 10 years, and then it converts into a 10 year repayment period. The interest is a variable rate tied to the prime rate plus a margin. The minimum FICO score is 650 and the maximum loan amount is either $200K up 80% loan to value, or $300K up to 70% LTV.
Call us at (800) 404 – 5137 for rates and terms.