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 Home Equity Lines of Credit (HELOCS) are interest only loans that give you the option to write checks against the equity that you have in your home. Your minimum monthly payment is determined by the outstanding balance on any given month similar to a credit card, but you can pay down as much of the balance as you desire. The following months bill will be determined by the new outstanding balance amount. HELOCS interest rates will vary based upon the prime rate, plus or minus a margin. Most HELOCS will have a draw period of 9 years 10 months, and will require you to pay a principle and interest payment for the remaining 20 years 2 months.
Home Equity Loans (HELOANS) are amortized over a thirty year period and balloon in fifteen years, carrying a principle and interest payment. HELOANS carry fixed interest rates that never vary, but are usually higher than the interest rate on loans in the first lien position. You are not able to write checks against your HELOAN as you are with a HELOC.
Contact Us to find out more.
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| 3/1 ARM |
4.125% |
| 5/1 ARM |
3.375% |
| 15 Year Fixed |
4.125% |
| 30 Year Fixed |
4.625% |
| 3/1 ARM |
4.125% |
| 5/1 ARM |
3.5% |
| 15 Year Fixed |
4.375% |
| 30 Year Fixed |
5% |
 | 5/26/10 11:20am |
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