A loan in which the lender agrees to lend a maximum amount where the collateral is the borrower's equity in his/her house, up to a maximum of 65% of the appraised value of your home. A HELOC works much like a regular line of credit. You can borrow money whenever you want, up to the credit limit. You can pay it back and borrow again. The minimum payment on the balance is interest only, making it a good choice where cash flow may be limited from time to time. A HELOC can be combined with a regular mortgage for a maximum of 80% of your home’s appraised value.
Did you know that it should never cost qualified applicants to have a Mortgage Broker looking out for their best interests? We are compensated by the lender & in most cases, we offer our services free of charge to our clients. We are dedicated full service mortgage/financial professionals focused on doing what`s best for our clients! We pride ourselves on providing clients with financial solutions that are specific to their needs and lifestyle.We know that different people need different things in a mortgage.
