| Home Equity Line of Credit (HELOC 10/10) |
| Description: This is a line of credit that is secured as a second mortgage, or in some cases a first mortgage,
on your property. The loan offers a maximum line of credit that can be drawn against and repaid over the first 10 years. The
remaining balance is then paid off over the subsequent 10 year period.
Benefits: This type of loan offers flexibility like no other. You may access the credit line by a checkbook or a credit card that will be issued to you. There are flexible payment options as well. To Consider: This loan functions similarly to a credit card. If you make only minimum payments, your balance will not decrease as fast as it would with a fully amortized loan. Also, the rate is adjustable and may change monthly. |
| For information about Home Equity Line of Credit (HELOC 10/10) loan program, please contact us |
Equal Housing Lender. Some products may not be available in all states. Restrictions apply.
All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must
submit additional information for review and approval. Approval may be subject to rate increases,
satisfactory title and appraisal review, and no change in financial condition. *Refinancing
or taking out a home equity loan or line of credit may increase the total number of monthly
payments and the total amount paid when comparing to your current situation.