Mortgage Company Reviews

Union Home Mortgage Review – Pros and Cons of HELOC loans – Home Equity Line of Credit

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Union Home Mortgage Review – 5 Tips

The Pros and Cons of HELOC loans – Home Equity Line of Credit

Pros
~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

Cons
~ Annual feee
~ Only available on current value of home
~ Adjustable rate product

LTV/CLTV
~ 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

Terms
~ 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.

Carl.Spiteri@Benchmark.us
NMLS id 286890
858-526-3037
www.carlspiteri.com

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1 Comments

  1. Nicole Crocker
    July 26, 2021 at 12:38 pm

    Our clients are always asking what we know about this, I’ll be sure to share this with them next time they ask!