Union Home Mortgage Review – Pros and Cons of HELOC loans – Home Equity Line of Credit
Union Home Mortgage Review – 5 Tips
The Pros and Cons of HELOC loans – Home Equity Line of Credit
~It’s easy loan to get
~ Based on current appraised value of your property
~ 2nd TD keep low rate
~ Low closing costs
~ Easier with paperwork
~ Annual feee
~ Only available on current value of home
~ Adjustable rate product
~ Up to 90% usually
~ Higher the LTV lower the rate
~ Condo’s are usually lower
Max loan amount is $500,000
Your Credit Sore needs to be between 680-750
~ 2-5 years draw periods interest only
~ 20 year fully amortized
Draw Period- Use it, pay it back, use it, pay it back, as may times as you want.
These are just guidelines and every lender has their own terms.
Give me a Call or comment below with any questions you have.
NMLS id 286890